10 Things to know about the Nigeria Student Loan Bill signed by President Tinubu

10 Things to know about the Nigeria Student Loan Bill signed by President Tinubu

President Bola Ahmed Tinubu has on Monday signed the "Student Loan (Access to Higher Education) Bill" into law. 

The Bill was sponsored by the then Speaker of the House of Representatives, Femi Gbajabiamila, was read and adopted in House of Representatives.

Here are 10 Things to know about the Nigeria Student Loan Bill signed by President Tinubu 

1. The Bill aims to assist indigent students and families in grasping the opportunities that higher education can provide.

2. The new act will establish the Nigerian Education Fund, which will supervise, coordinate, administer and monitor the management of student loans in Nigeria. The Nigerian Education Fund will be domiciled with the Central Bank of Nigeria (CBN) from which qualified applicants can access education loans through the Commercial Banks in the country.

3. Applicants will go through screening to determine whether they meet the requirements for the loan.

4. Students in all the Public Higher Institutions are eligible to apply for the loan.

5. It provides funds for only School Fees and Researches.

6. It is only accessible to students studying in Nigeria.

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7. There will be jail terms for student loan defaulters. The Students Loan Bill recommended two years imprisonment or N500,000 or both for students who default in repayment or anyone found aiding defaulters.

8. The Student Loan is interest free

9. The repayment of these loans will begin two years after the National Youth Service Corps Scheme is completed.

10. The qualified students are to apply through their schools of study.

The New Act is in line with Tinubu's promises made at the British Royal Institute in London.

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Tinubu in Chatham House while fielding questions from participants at the event said:

"Youths are the greatest asset of tomorrow. They will be part of his all-inclusive government.

"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.

"To further help young people, 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."

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