Nigeria has taken a bold step in education reform with President Tinubu’s signature on the student loan bill.
President Bola Tinubu has signed the Student Loan Bill into law, marking the beginning of the establishment of an education bank in Nigeria.
The bill, which had been passed by the national assembly in November 2022, aims to provide interest-free loans to financially disadvantaged Nigerian students. It was sponsored by Femi Gbajabiamila, the former speaker of the House of Representatives.
During one of his campaign speeches, President Tinubu pledged to prioritise the development of the education sector and the empowerment of the youth through student loans.
He made this promise at the British Royal Institute in London, emphasising the importance of investing in young people for the future.
Tinubu also highlighted his plans to revamp the education system, ensuring that no one is left behind. He expressed his intention to reform the Almajiri system, increase the number of schools, recruit more teachers, and provide them with adequate training.
In addition to the student loans, President Tinubu proposed the establishment of technology hubs where young people can acquire digital skills to enhance their leadership capabilities.
He believes that empowering youths with technological knowledge will enable them to contribute to the advancement of governance in Nigeria, particularly in the 21st century.
President Tinubu signed the Student Loan Bill on Monday, June 12 at the Presidential Villa in Abuja, signaling the beginning of a new chapter in supporting education and youth development in the country.
The student loan scheme is for students with good academic performance.