BREAKING: Tinubu Signs Student Loan Bill Into Law

President Bola Ahmed Tinubu has signed the Student Loan Bill into law.

An aide to the president, Dele Alake, disclosed this to State House Correspondents on Monday evening.

The bill will enable Nigerian students to access loans at interest-free rates.

 The piece of legislation passed second reading at the House of Representatives on May 25, 2023.

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 the 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. 

“This is the promise made during the presidential campaign by the then candidate, His Excellency, Bola Ahmed Tinubu, that he will bring back the student loans issue to the front burner and today, that promise he made has been kept, he has just signed that bill into law, which henceforth, will allow or enable our indigent students to access federal government loans to fund their educational pursuit or career and this is how it’s done in other developed climes all over the world,” he said.