The Student Loan Bill was successfully passed by lawmakers in late May 2023, following its proposal by Femi Gbajabiamila, the former speaker of the 9th House of Representatives.
In November 2022, during his speech at the 52nd convocation address at the University of Lagos, Gbajabiamila called for an an Education Bank to offer interest-free loans to students in tertiary institutions. His aim was to enhance accessibility to education at that level for all individuals.
Under the theme of “Building Back Better: Creating a New Framework for Tertiary Education in Nigeria in the Twenty-First Century,” Gbajabiamila expressed his support for the Student Loans (Access to Higher Education Bill) in the National Assembly.
President Bola Tinubu signed the Students Loan Bill into law on Monday. The Act will enable indigent students to access federal government loans to fund.
The Act will enable indigent students to access federal government loans to fund their educational pursuit or career.
Here are five things to know about this law which is meant to make education accessible to all:
1. The Act provides an interest-free loan for indigent students in which beneficiaries will only pay back the exact amount they collect.
2. The Act offers loans for poor students seeking higher education in public universities, polytechnics and colleges of education in the country.
3. The Act enables all indigent students to have equal rights to access the loan without any form of discrimination arising from gender, religion, tribe, position or disability of any kind.
4. The loan shall be accessible to only indigent students studying within Nigeria and it’s for the payment of tuition fees alone.
5. The Act states that there shall be the creation of a Nigerian Education Bank with the aim to offer education for all Nigerians in matters pertaining to loans.