President Bola Tinubu has signed the student loan bill into
law.
Tinubu signed the bill on Monday at the Presidential Villa,
Abuja.
The legislation, which seeks to provide financial assistance
to Nigerian students in tertiary institutions, passed the third reading in the
lower chamber in May.
The bill was sponsored by Femi Gbajabiamila, immediate-past
speaker of the house of representatives.
Dele Alake, a former Lagos commissioner of information and strategy,
announced the signing of the bill to state house correspondents.
The legislation allows Nigerian students in tertiary
institutions to access interest-free loans from the Nigerian education loan
fund.
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.
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