In a significant development, President Bola Tinubu has signed the Students Loan Bill into law, signaling a breakthrough for financially disadvantaged students in Nigeria. The President’s assent to the bill marks the fulfilment of his commitment to revolutionize education funding in the country.
Speaking to State House correspondents at the Presidential Villa in Abuja, Mr. David Adejo Andrew, the Permanent Secretary of the Ministry of Education, accompanied by President Tinubu’s media team, led by Mr. Dele Alake, a member of the Presidential Strategic Team, confirmed the enactment of the law. Andrew stated that the Student Loans Bill guarantees interest-free loans for students.
Addressing concerns about potential inflation of school fees, Mr. Dele Alake emphasized that the new law is aimed at providing assistance to financially disadvantaged students, and its implementation is unrelated to fee adjustments. He further explained that the objective of the law is to enable indigent students to pursue education within the country, aligning Nigeria with developed nations that adopt similar student loan systems.
The newly enacted law establishes the Nigerian Education Bank, facilitating convenient access to higher education for Nigerians through interest-free loans. It ensures that all students seeking higher education in public institutions are granted equal rights to obtain loans, with no discrimination based on gender, religion, tribe, position, or disability.
Importantly, the Act specifies that the loans can only be utilized for the payment of tuition fees, guaranteeing that students receive financial support specifically for educational purposes.
With the signing of this ground breaking law, the Nigerian government is taking a significant stride towards providing education for all its citizens, making higher education more accessible and inclusive