Tinubu signs student loan bill into law

The Nigeria’s President Bola Tinubu has signed into law a bill to establish an education bank towards providing interest-free loans to Nigerians seeking higher education, while it is recalled that the loan bill was introduced in 2016 by the outgoing Speaker of the House of Representatives, Rt Hon Femi Gbajabiamila.

Penpushing reports that signing of the bill was made known by the Dele Alake, an aide of the President while speaking with State House Correspondents on Monday, in Abuja, the Federal Capital Territory (FCT)

The bill is titled; “An Act to Provide Easy Access to Higher Education For Nigerians Through Interest-Free Loans From Nigeria Education Bank Established in this Act with a View To Provide Education for All Nigerians and for Related Matters’.

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Penpushing further reports that the President in his manifesto as the presidential candidate of the All Progressives Congress (APC), promised to pursue the establishment of the education bank towards enhancing access to quality education at the tertiary level.

“We will institute a pilot student loan regime…this will expand access to education to all Nigerians regardless of their backgrounds. At the same time, this will give institutions the ability to charge more cost-reflective tuition fees. Because of the current employment rates and other conditions, the loan program will have a maximum limit any student may borrow and must have flexible repayment provisions”, Tinubu wrote in his manifesto

Penpushing also reports that that Gbajabiamila who has now been appointed the Chief of Staff to Mr Tinubu while introducing the bill in 2016, explained that it was part of measures towards addressing the funding gaps in the country’s tertiary education subsector.

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