President Bola Tinubu has signed the Student Loan Bill into law.
Tinubu appended his signature to the bill, which provides for interest-free loans to indigent Nigerian students, at the State House, Abuja on Monday.
Sponsored by former Speaker of the House of Representatives, Hon. Femi Gbajabiamila, the bill was titled ‘A Bill for an Act to provide for easy access to higher education for Nigerians through an interest-free loan from the Nigerian Education Bank established in this Act to provide education for Nigerians and other purposes connected thereto.’
The bill recommends two years imprisonment or N500,000 fine or both for students who default in repayment or anyone found aiding defaulters, it was learnt.
Media Aide to the President, Dele Alake confirmed the signing of the bill was fulfilment of one of President Tinubu’s campaign promises.
“Today, President Bola Ahmed Tinubu has just signed the Student Loan Act. This is just in fulfilment of his promise during the electioneering campaigns, where he promised that students would access loans to go to school,” Alake told State House correspondents.
Permanent Secretary of the Federal Ministry of Education, Andrew Adejo, explained that the new Act will cause the injection of much needed funds to the Federal Scholarship Board.