President Tinubu Signs Student Loan Bill into Law, Promise "In The Works" as Implementation Awaited

Promise: Introduce Students' Loan

Habib Sheidu
June 12, 2023
min read

President Bola Ahmed Tinubu (GCFR) has taken a bold step to fulfil a major campaign promise by signing the Student Loan Bill into law. The bill, officially known as the 'Students Loan (Access to Higher Education) Bill, 2019', aims to provide interest-free loans to indigent Nigerian students. This milestone legislation was originally sponsored by the Rt Hon Femi Gbajabiamila in 2019.

The primary objective of the bill is to ensure easy access to higher education for all Nigerians by facilitating interest-free loans through the Nigerian Education Fund, which will be established as per the provisions of the Act. The Nigerian Education Fund will be housed within the Central Bank of Nigeria (CBN), and eligible applicants will be able to obtain education loans through commercial banks in the country.

One of the key provisions of the newly signed law is that all students seeking higher education in public institutions of higher learning in Nigeria will have an equal right to access the loan without facing any form of discrimination. This provision ensures that the loan program is inclusive and benefits students from various backgrounds.

It is important to note that the loans granted under this Act will be specifically designated for the payment of tuition fees. The disbursement of loans will be subject to students/applicants meeting the prescribed requirements and conditions outlined in the Act.

While the signing of the Student Loan Bill into law marks a significant step forward, it is important to highlight that its successful implementation is still pending. As Nigerians eagerly await the practical implementation of this program, the promise made by President Tinubu to introduce student loans is rated "In The Works."