Nigeria Passes Student Loan Bill to Provide Interest-Free Loans to Tertiary Education

The Student Loan Bill, which offers interest-free loans for deserving students at the Nation’s higher educational institutions, was signed into law by President Bola Tinubu as part of his campaign promise to improve the country’s education system.

This statement was made on Monday while Mr. Dele Alake, the Federal Government spokesperson, was speaking to reporters at the presidential palace in Abuja. Dele Aleke claims that only needy college students can use the education loan fund, which would be held in the care of the ministry of education.

According to Mr. Dele Aleke, a committee comprised of representatives from all the essential educational stakeholders will be established to streamline the loan disbursement procedure.

The measure, in the opinion of Mr. Andrew Adejo, the Permanent Secretary in the Ministry of Education, would put an end to the argument that destitute people’s attempts to pursue an education are hampered by a lack of funding.

The student loan bill, which was sponsored by Femi Gbajabiamila, the Speaker of the 9th House of Representatives, allows for a two-year grace period after the National Youth Service Corps is completed before the beneficiaries can begin repaying the loan. It also recommends two years in prison or N500,000, or both, for students who fail to make their loan payments on time or for anyone found helping defaulters.

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