The President of Nigeria, Bola Ahmed Tinubu, has signed The Student Loan Bill into law to enable for interest-free loans to indigent Nigerian students.
The president signed the bill into law earlier today at the Villa on the occasion of democracy day. The bill is set to see the establishment of an education bank.
This is a fulfillment of one of President Tinubu’s campaign promises to provide the loans for students to enable them acquire proper education even without necessarily being wealthy.
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Tinubu made the promise at the British Royal Institute in London as he stated that it would also build youth capacity.
Tinubu had said in Chatham House:
“Youths are the greatest asset of tomorrow, The education system is to change. We would overhaul it and tinker with some areas with the philosophy that no one would be left behind. There will be student loans for all. We are going to reform the Almajiri system, We are equally going to build more schools, recruit more teachers and train them.
Youths can even develop technological languages on their own and make a better 21st-century approach to governance in Nigeria,”
Below are some information about the bill:
To qualify for the Student loan, Applicant income of Family income must be less than 500,000 per annum.
Two guarantors- Civil servants not less than level 12, A Lawyer with at least 10 years post call, a Judicial officer or Justice of Peace.
Beneficiaries must commence repayment 2 years after NYSC.
10% of Salaries when you’re employed, direct debit from employer.
If you’re self employed, 10% of profit.
Watch video below
Breaking News: President Bola Ahmed Tinubu (GCFR), a few minutes ago signed into law, the Student Loan Bill, which provides for interest-free loans to indigent Nigerian students. pic.twitter.com/NSMnMyoxH6
— President Bola Ahmed Tinubu Media Centre (@PBATMediaCentre) June 12, 2023
