President Bola Tinubu has signed the Student Loan Bill into law.
This was disclosed on Monday by the spokesperson to the Federal Government 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.
The law is to provide easy access to higher education for indigent Nigerians through interest-free loans from the Nigerian Education Loan Fund.
Meanwhile, the Bill will see to the establishment of an education bank.
Recall that Tinubu had promise at the British Royal Institute in London to give youths priority in his administration.
“Youths are the greatest asset of tomorrow,” Tinubu said in Chatham House while fielding questions from participants at the event, adding that they will be part of his “all-inclusive” government, pointing to the Lagos State Governor Babajide Sanwo-Olu.
“The education system is to change. We would overhaul it and tinker with some areas with the philosophy that no one would be left behind. There will be student loans for all. We are going to reform the Almajiri system, We are equally going to build more schools, recruit more teachers and train them,” the former Lagos state governor said.
To further help young people, he said if elected, his government would equally introduce technology hubs where youths can acquire digital skills to better develop their leadership skills.
“Youths can even develop technological languages on their own and make a better 21st-century approach to governance in Nigeria,” he said.
