President Bola Tinubu has signed the Student Loan Bill into law.
The Permanent Secretary, Ministry of Education, Mr. David Adejo Andrew disclosed this to State House correspondents, at the Presidential Villa, Abuja.
The bill will enable Nigerian students to access loans at interest-free rates.
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The bill, which was sponsored by Gbajabiamila, was titled ‘A Bill for an Act to provide for easy access to higher education for Nigerians through an interest-free loan from the Nigerian Education Bank established in this Act to provide education for Nigerians and other purposes connected thereto.’
The piece of legislation passed second reading at the House of Representatives on May 25, 2023.
The Students Loan Bill recommended two years imprisonment or N500,000 or both for students who default in repayment or anyone found aiding defaulters.
