The Student Loan Bill which was proposed by the former speaker of the 9th House of Representatives, Femi Gbajabiamila, and passed by the legislature at the end of May 2023 has been signed by President Bola Tinubu today, June 12, 2023 to become an Act.
In November 2022, Gbajabiamila urged the Education Bank to offer tertiary institution students interest-free loans in order to make higher education more accessible to all.
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During the 52nd convocation address at the University of Lagos, he made these remarks.
The presentation was entitled “Building Back Better: Creating a New Framework for Tertiary Education in Nigeria in the Twenty-First Century.” In this regard, he stated that he supported the Student Loans (Access to Higher Education Bill) bill in the National Assembly.
As a lawmaker and politician, he noted that one of the most frequent requests he received was funding for post-secondary education, as talented children’s futures were at stake.
“The student loan bill which is now signed and has now become an ACT, proposes to provide students with interest-free loans.”
Nonetheless, we must recognize that the public’s support for any such system will rely heavily on tertiary institutions.
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Following the House’s approval and President Tinubu’s signature, here are seven things to know about the Student Loan Act.
1) The new law will establish the Nigerian Education Bank, which will oversee, coordinate, administer, and oversee the management of student loans in Nigeria.
2) Applicants will undergo screening to determine whether they meet the loan’s requirements.
3) All higher education institutions are eligible for the loan.
4) It provides funding for all aspects of education, including textbooks and research.
5) Only Nigerian students are permitted access.
6) Defaulting on student loans will result in jail time.
7) The repayment of these loans will begin two years after the conclusion of the National Youth Service Corps Programme.
