President Bola Ahmed Tinubu signed the student loan bill on Monday, June 12, which provides interest-free loans to indigent Nigerian students.
The move is expected to give students easy access to higher education through the Nigerian Education Loan Fund.
Dele Alake, a presidential spokesman, told journalists after the signing ceremony:
“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.
“This is the promise made during the presidential campaign by the then-candidate that he will bring back the student loans issue to the front burner, and today, that promise has been kept.”
Below are some facts about the student loan bill:
1) Femi Gbajabiamila, the outgoing Speaker of the House of Representatives, sponsored the bill.
2) Applicant’s family must earn less than N500,000 per annum.
3) A student will be disqualified from accessing the facility if they have committed exam malpractice.
4) Applicants must provide two guarantors – civil servants or lawyers.
5) Applicant must have gained admission into an institution, and it is from it that he/she can apply for the loan facility.
6) Disbursement of funds for successful applicants will be done within 30 days.
7) Applicants will have to start repaying their loan two years after the completion of NYSC.