President Bola Ahmed Tinubu (GCFR), today signed into law, The student loan bill, which provides for interest-free loans to indigent Nigerian students.
The ‘Students Loan (Access to Higher Education) Bill, 2019, also known as, a Bill for an Act to provide for easy access to higher education for Nigerians through interest-free loans from the Nigerian Education Fund established in this Act is sponsored by Rt. Hon. 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 Act 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.”