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Video: President Bola Tinubu sign interest free students loan bill – read details of the law
President Bola Ahmed Tinubu a few minutes ago signed into law, The student loan bill, which provides for interest-free loans to indigent Nigerian students.
The Permanent Secretary, Ministry of Education, Mr. David Adejo Andrew disclosed this to State House correspondents, at the Presidential Villa, Abuja.
The Permanent Secretary said that the Students Loan Bill that has been signed into law is an interest-free loan.
Nigerian students in higher institutions of learning stand to gain more access to financial assistance with this legislation.
The Act provides for the establishment of the Nigerian Education Fund, domiciled with the Central Bank of Nigeria (CBN) from which qualified applicants can access education loans through the commercial banks in the country.
It also provides that notwithstanding anything to the contrary contained in other enactments, all students seeking higher education in any public institution of higher learning in Nigeria shall have an equal right to access the loan under this Act without any discrimination arising from gender, religion, tribe, position or disability of any kind.
“The loan referred to in this Act shall be granted to students only for the payment of Tuition fees. The grant of the loan to any student under this Act shall be subject to the students/applicant(s) satisfying the requirements and conditions set out under this Act.”
Gbajabiamila had argued in the Bill that the hardship being faced by the unemployed and low-income earners coupled with the very high cost of living in Nigeria over the years has made access to quality higher education difficult, stressful and in some cases impossible.
He also noted that a well-educated citizenry is critical to our National development and our Nation’s ability to compete in the Global Economy, arguing that higher education should be regarded as a public good benefiting the entire country rather than a commodity solely benefiting the individual recipients. “
In tandem with the Federal government’s interest and quest in ensuring access to higher education, the National Assembly has agreed to prescribe a legislation that will guarantee access to quality higher education by qualified Nigerians,” he said during the debate on the Bill before its passage.
