President Bola Tinubu has officially enacted the Student Loan Bill, according to a statement made by his aide, Dele Alake, to State House Correspondents on Monday evening.
The newly passed law will facilitate Nigerian students’ access to loans with no interest rates.
The Nyscinfo learnt that the Students Loan Bill proposes penalties for students who fail to repay their loans or for anyone found assisting defaulters, including a possible two-year imprisonment term, a fine of N500,000, or both.
The bill successfully passed its second reading in the House of Representatives on May 25, 2023.
Sponsored by Gbajabiamila, the bill is titled ‘A Bill for an Act to ensure convenient accessibility to higher education for Nigerians through interest-free loans provided by the Nigerian Education Bank established in this Act for the purpose of providing education for Nigerians and other related objectives.’
Further details will be provided soon.