President Bola Ahmed Tinubu has today, signed the Students’ Loan Bill into law, allowing students in Higher Institution to take interest free loans to pay their tuition.
The Permanent Secretary, Ministry of Education, Mr. David Adejo Andrew disclosed this to State House correspondents, at the Presidential Villa, Abuja.
The bill was passed by the Speaker, House of Representatives, Femi Gbajabiamila in 2019.
The bill seeks to make access to higher education for Nigerians through interest-free loans from the Nigerian Education Fund established in this Act with a view to providing education for all Nigerians and for other purposes connected thereto.
The Bill (now law) seeks 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.
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.”