President Bola Ahmed Tinubu has signed the Student Loan Bill into law in a move aimed at improving the education sector across the country.
POLITICS NIGERIA reports that this legislation aims to provide interest-free loans to financially disadvantaged Nigerian students, opening doors of opportunity for higher education.
The newly enacted law paves the way for the establishment of the Nigerian Education Bank. This institution will be vested with the authority to supervise, coordinate, administer, and monitor the management of student loans across the country. It will serve as the central hub for processing loan applications from students attending higher educational institutions in Nigeria. The bank, it is understood, will carefully screen these applications to ensure they meet all the requirements outlined in the Act.
Additionally, the Nigerian Education Bank will hold the power to approve and disburse loans to qualified applicants. It will diligently monitor and coordinate the students’ loan accounts, ensuring compliance with disbursement procedures. The bank will also keep track of the academic records of loan recipients, including information on their graduation, national service, and employment. This monitoring process ensures that loan beneficiaries commence repayment promptly when due, among other vital functions.
This newspaper learnt that the Bill emphasises equal access to the loan scheme for all students pursuing higher education in public institutions within Nigeria. Discrimination based on gender, religion, tribe, social standing, or disability it is gathered, is strictly prohibited under this Act, ensuring fair and inclusive opportunities for all.
Tinubu signed the bill on Monday at the Presidential Villa, Abuja.
