President Bola Tinubu has signed into law the Student Loan Bill, keeping his campaign promise.
The announcement, made on Monday by the spokesperson to the Federal Government, Mr. Dele Alake, stated that the funds would be managed by the Ministry of Education and exclusively allocated to indigent students in tertiary institutions.
The Student Loan Bill, sponsored by Femi Gbajabiamila, the Speaker of the 9th House of Representatives, successfully passed the third reading at the House two weeks ago.
The legislation aims to provide interest-free loans to financially disadvantaged Nigerian students, addressing the barriers that hinder their pursuit of higher education.
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Under the new law, the Nigerian Education Loan Fund will be established as the financial mechanism for the disbursement of interest-free loans to eligible students.
This strategic allocation of funds will facilitate easy access to higher education for indigent Nigerians, thereby fostering social mobility and empowering talented individuals to realize their academic aspirations.