By President Bola Tinubu has recently given his assent to the Student Loan Bill, officially transforming it into law. This significant development was revealed by Dele Alake, an aide to the president, during a briefing with State House Correspondents on Monday evening.
The newly enacted legislation aims to facilitate Nigerian students’ access to loans with zero interest rates.
According to report, the Student Loan Bill stipulates that students who fail to repay their loans or those found assisting defaulters could face either a two-year imprisonment term, a fine of N500,000, or both.
This bill had successfully passed its second reading at the House of Representatives on May 25, 2023. Its sponsor, Gbajabiamila, titled it ‘A Bill for an Act to provide 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.’
