The President of Nigeria, Bola Tinubu has finally signed into law the Student Loan Bill in fulfilment of a promise he made during his campaign.
This was announced revealed on Tuesday by the spokesperson to the Federal Government Mister Dele Alake, saying that the funds will be domiciled in the Ministry of Education and will only be accessed by indigent students of tertiary institutions.
The student loan bill sponsored by the Speaker of the 9th House of Representatives, Femi Gbajabiamila, which provides for interest-free loans to indigent Nigerian students, passed the third reading at the House, two weeks ago.
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The law is to provide easy access to higher education for indigent Nigerians through interest-free loans from the Nigerian Education Loan Fund.
Africa Today News, New York had earlier reported that the piece of legislation, sponsored by the Speaker of the 9th House of Representatives, Femi Gbajabiamila, passed the third reading at the House 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 mandates prospective beneficiaries to show proof of their origins.
‘We’re very happy to announce to you that today the President, His Excellency, Bola Tinubu, signed into law the Student Loans Bill.
‘This is a promise made during the presidential campaign by the then candidate, His Excellency Bola Tinubu, that he will bring back the student loans issue onto the front burner.
‘And today, that promise he made has been kept. He has just signed that bill into law, which henceforth would allow or enable our indigent students to access Federal Government’s loans to fund the educational pursuit or career,’ Alake said.
The presidential aide said the move was in sync with standard practice in developed climes globally and would ease access to education.
‘This is how it’s done in other developed climes. So this is a boost to our youths and students nationwide.
‘Of course, there are prescribed qualification parameters. And that is the proof of indigenship of whoever is to be a beneficiary.
“’Of course, there are committees to be set up. The members of committees will be drawn from various bodies to superintend over the efficient and proficient disbursement of this facility,’ he added.
Also said although the bill takes effect immediately, the procedures for application will be worked out by the committees to superintend the process.