Breaking News: President Tinubu signs Students Loan Bill

President Bola Tinubu on Monday (today) signed the Students Loan Bill into law. This may have brought succor may many indigent students in the country.

The Permanent Secretary, Ministry of Education, Mr. David Adejo Andrew disclosed this to State House correspondents, at the Presidential Villa, Abuja.

The Permanent Secretary said that the Students Loan Bill that has been signed into law is an interest-free loan.

The bill which allows Nigerian students in tertiary institutions to access interest-free loans from the Nigerian Education Loan Fund and was passed by the National Assembly in November 2022 It was sponsored by the immediate-past Speaker of the House of Representatives and the new Chief of Staff to the President, Femi Gbajabiamila.

The legislation provides for the establishment of the Nigerian Education Bank, which will have the power to administer, supervise, coordinate, and monitor the management of student loans in the country.

Based on the provisions of the legislation, the bank is expected to receive applications for student loans through higher institutions on behalf of the applicants and screen them.

Following the signing of the bill, Nigerians took to Twitter to commend President Tinubu for seeking to provide financial assistance to Nigerian students in tertiary institutions.

While others berated the President for providing student loans in a country where there is no job to repay the loans after graduating.