Nigerian students will begin to enjoy financial assistance as President Bola Ahmed Tinubu signed the Student Loan Bill into law.
Tinubu signed the bill aimed at improving the education sector across the country, today, Monday, June 12, 2023.
The newly enacted law paves the way for the establishment of the Nigerian Education Bank. This institution will be vested with the authority to supervise, coordinate, administer, and monitor the management of student loans across the country.
It will serve as the central hub for processing loan applications from students attending higher educational institutions in Nigeria. The bank, it is understood, will carefully screen these applications to ensure they meet all the requirements outlined in the Act.
Additionally, the Nigerian Education Bank will hold the power to approve and disburse loans to qualified applicants. It will diligently monitor and coordinate the students’ loan accounts, ensuring compliance with disbursement procedures.
The bank will also keep track of the academic records of loan recipients, including information on their graduation, national service, and employment. This monitoring process ensures that loan beneficiaries commence repayment promptly when due, among other vital functions.
It was learnt that the Bill emphasises equal access to the loan scheme for all students pursuing higher education in public institutions within Nigeria. Discrimination based on gender, religion, tribe, social standing, or disability it is gathered, is strictly prohibited under this Act, ensuring fair and inclusive opportunities for all.
Watch the video of when the president signed the bill below: