The bill would allow students the access to interest-free loans.

President of the Federal Republic of Nigeria, Asiwaju Bola-Ahmed Tinubu has signed the student loan bill into law.

This news was disclosed to State House Correspondents by an aide to the president, Dele Alake.

According to reports, Nigerian students will have access to loans at interest-free rates from the Nigerian Education Bank.

However, the Students Loan Bill recommended two years imprisonment or N500,000 or both for students who default in repayment or anyone found aiding defaulters.


The bill, which passed second reading at the House of Representatives on May 25, 2023, is sponsored by Gbajabiamila and 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.’

More details to follow…

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