In a significant move toward the development of the education sector and the empowerment of Nigerian students, President Bola Ahmed Tinubu (GCFR) has just signed into law the Student Loan Bill. This landmark legislation aims to provide interest-free loans to economically disadvantaged students across the country.
Recall that during his campaign, President Tinubu expressed his commitment to advancing education and nurturing the potential of the youth. Speaking at the British Royal Institute in London, he emphasized the importance of young people as the nation’s most valuable asset.
“The education system is set to change. We will overhaul it and make necessary adjustments with the philosophy that no one should be left behind. Student loans will be available for all,” President Tinubu announced at Chatham House while engaging with participants at the event. He assured that his government would comprehensively revamp the system, ensuring that no one is left behind. ”
As part of these reforms, student loans will be made available to all students, enabling them to pursue their educational aspirations.
The Student Loan Bill, now enacted as law, will revolutionize the higher education landscape in Nigeria. It empowers Nigerian students to obtain loans from financial institutions whenever they require financial assistance for their academic pursuits.
Notably, these loans will be interest-free, ensuring that students can focus on their studies without the burden of exorbitant interest rates. Repayment of the loan will only commence after graduation, allowing graduates to establish themselves in their careers before beginning the repayment process.
Under this law, the Nigerian Education Fund will be established, with the Central Bank of Nigeria (CBN) serving as its custodian. Qualified applicants can access education loans through commercial banks in the country, thereby democratizing access to higher education.
Importantly, the Act ensures equal opportunities for all students seeking higher education in public institutions in Nigeria, without discrimination based on gender, religion, tribe, position, or disability. The loans granted under this Act will be exclusively allocated for the payment of tuition fees, ensuring that students can afford their educational expenses.
President Bola Ahmed Tinubu’s endorsement of this legislation signifies his unwavering commitment to fulfilling his campaign promises and expanding access to quality higher education for qualified Nigerians. The Student Loan Bill represents a significant step forward in creating a brighter future for the youth of Nigeria and fostering a society where education is truly accessible to all.