Bola Tinubu signs student loan into law; defaulters get 2yrs imprisonment
As part of his campaign promise, Bola Tinubu, the newly inaugurated President of Nigeria, has signed the Student Loan Bill into law.
Mr Tinubu, via his Twitter page, said, “I was pleased today to have signed into law the Access to Higher Education Act which provides interest-free loans to deserving students across the country who wish to further their education in tertiary institutions. With this Act, we shall ensure that every deserving student has access to affordable and quality education, irrespective of their financial background.”
I was pleased, today, to have signed into law, the Access to Higher Education Act which provides interest-free loans to deserving students across the country who wish to further their education in tertiary institutions.
With this Act we shall ensure that every deserving student… pic.twitter.com/ptRLCDOZMU
— Bola Ahmed Tinubu (@officialABAT) June 12, 2023
On Monday, June 12th, 2023, the Federal government announced publicly through their spokesperson, Dele Alake.
As per the statement, the funds will be kept with the Ministry of Education and will only be available to financially challenged students studying in tertiary institutions.
Two weeks ago, the Speaker of the 9th House of Representatives, Femi Gbajabiamila, passed a bill providing interest-free loans to financially disadvantaged Nigerian students. This loan is specifically for student support.
The goal of the Nigerian Education Loan Fund is to provide interest-free loans to financially challenged Nigerians so that they can easily pursue higher education.
He said, “We are very happy to announce to you that today, just a few minutes ago, the President His Excellency, Bola Ahmed Tinubu, signed into law, the Student Loans Bill and that Student Loans Bill. You all know what it entails, what it connotes the meaning.”
