President Bola Tinubu: Things You Should Know About Student Loan Bill

• President Bola Tinubu has signed the long awaiting Student Loan Bill into an Act as part of his promise kept during the 2023 election campaigns
• The new bill will establish the Nigerian Student Bank which will see to the management of the loan application for student
• It was learned that the bill was proposed by Femi Gbajabiamila, the former speaker of the just concluded House of Representatives, and passed by the 9th Assembly

FCT, Abuja – President Bola Tinubu has signed into law, the Student Loan Bill as part of his promises during the February 25 presidential election campaign.

The development was announced by Dele Alake, one of the media team of the president, who disclosed that Tinubu signed the bill at the state house in Abuja on Monday, June 12, BBC Pidgin reported.

According to Alake, the money would be under the Ministry of Education and only higher institution students who could not afford to pay will have access to the fund.

Things you should know about the Student Loan Bill

1. Femi Gbajabiamila, the former speaker of the House of Representatives, proposed the bill and it was passed 2 weeks before the expiration of the 9th assembly.
2. The new act will establish Nigerian Education Bank, with the power to supervise, coordinate, administer, and monitor the management of student loans in the country.
3. Students can apply for Student Loans through their higher institutions in the country.
4. To apply for the loan, applicants will have to go through screening to ensure that such students meet all the requirements for the loan.
5. The full name of the Act is referred to as “An Act to Provide Easy Access to Higher Education for Nigerians Through Interest-Free Loans from Nigerian Education Bank Established in this Act with View to Provide Education for All Nigerians and for Related Matters.”
6. The act is a very powerful one and must stand irrespective of any other contrary law in another Act, or any other enactment or law.
7. Irrespective of what other law says, students can apply for the new Act for anything related to the application and granting of student loans to Nigerians that want to school in Nigeria.
8. The Student Loan Act has nothing to do with Nigerian students who want to school outside the country.
9. The Act is an effort of the government for the Nigerian people who intend to better their life without leaving the country.