By Mariam Fasasi
President Bola Tinubu signed the student loan bill into law on Monday, the 12th of June 2023 at the presidential villa, Abuja. Former Commissioner for Information and Strategy, Dele Alake, announced the signing of the bill to State House Correspondents. The bill signed is to enable Nigerian students to access loans at interest-free rates, assisting Nigerian Students in tertiary Institutions.
The loan which was sponsored by Hon. Femi Gbajabiamila must be applied to through their respective institutions to the chairman of the bank under the condition that (i) the student must have seek admission into any public Nigerian University. (ii) Applicant's income or family income must be less than N500,000 per annum. (iii) Applicants must provide at least two civil servants as guarantors. (iv) Students who have defaulted in previous loans, found guilty of exam malpractices, felony, drug offences will not be considered. (v) Students with parents who have defaulted in respect of previous loans will also not be considered.
Commencement of payment shall begin two years after completion of the National Youth Service Corps Programme. Students are eagerly anticipating the implementation of the Student Loan Bill that aims at promoting continuous education in tertiary Institutions.
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