Pres. Tinubu Assents To Students Loan Bill

President Bola Tinubu has signed the Students Loan Bill into law. It is expected to see the establishment of an Education bank.

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

David Adejo said the law provides opportunity for an interest-free loan for students. The President’s media team led by Dele Alake, a member of the Presidential Strategic Team, also confirmed the development to State House correspondents in Abuja.

According to Alake, who was accompanied by other members of the media team, including Tunde Rahman and Abdulaziz Abdulaziz and the Permanent Secretary, Ministry of Education, David Adejoh, the new law is a fulfilment of one of the electoral promises of President Tinubu.

Asked if the new law will not encourage inflation of school fees, Alake said the two situations are unrelated, adding that the idea behind the law is to help indigent students obtain education in the country.

“We are very happy to announce to you that today, just a few minutes ago, the President His Excellency, Bola Ahmed Tinubu, signed into law, the Student Loans Bill and that Student Loans Bill, you all know what it entails, what it connotes the meaning.

It will be recalled that, in November 2022, the bill, which seeks to provide interest-free loans to indigent Nigerian students, was passed by the National Assembly. The bill was sponsored by the immediate-past speaker of the House of Representatives, Femi Gbajabiamila.

Any beneficiary of the loan is supposed to commence repayment two years after completion of NYSC. Repayment shall be by direct deduction of 10% of the beneficiaries salary at source by that employer and credited to the students loan account.