President Bola Tinubu has signed the Student Loan Bill into law.
An aide to the president, Dele Alake, disclosed this to State House Correspondents on Monday evening.
The bill will enable Nigerian students to access loans at interest-free rates.
Mr Dele Alake, a presidential spokesman, disclosed this on Monday at the end of the signing at the Presidential Villa, Abuja.
Alake said the bill would boost the educational pursuit of the youths across the country, adding that to enjoy the facility, students must show evidence of being indigent.
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He said that a committee drawn from all the relevant education stakeholders would be set up to handle the process of an efficient disbursement of the loans.
Alake said that a percentage of the revenue of the Federation would be used to finance the new initiative.
Mr Andrew Adejo, the Permanent Secretary in the Ministry of Education, said the bill would rest the case of lack of funds hindering indigents’ educational pursuit.
He said the signing of the bill signified how the Tinubu administration intended to handle the issue of qualitative and quantitative education in its period.
Adejo said the ministry already had experience in students’ financial dealings through the student scholarship boards scheme.
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He added that the country’s handling of loan recovery in various projects would also come in handy in the recouping of loans.
He added that the interest-free loan would be disbursed based on the student’s number of years of study and ability to pay back.
The permanent secretary said the media should assist in disseminating information on the issue of funding of education in the country.
H said the states should march the financial and technical support of the Federal Government in order to give Nigerians good education.
The PUNCH reported that the Students Loan Bill recommended two years imprisonment or N500,000 or both for students who default in repayment or anyone found aiding defaulters.
The piece of legislation passed second reading at the House of Representatives on May 25, 2023.
The bill, which was sponsored by Gbajabiamila, was titled ‘A Bill for an Act to provide for easy access to higher education for Nigerians through an interest-free loan from the Nigerian Education Bank established in this Act to provide education for Nigerians and other purposes connected thereto.’
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