President Bola Ahmed Tinubu, has signed the 2023 Student Loan Bill into law.
The Bill was proposed by the former Speaker of the 9th House of Representatives, Femi Gbajabiamila.
The Bill was passed by the Lawmakers in May 2023.
The following are seven facts to know about the Act:
- The new act will establish the Nigerian Education Bank, which will supervise, coordinate, administer and monitor the management of student loans in Nigeria.
- Applicants will go through screening to determine whether they meet the requirements for the loan.
- Students in all the higher institutions are eligible for the loan.
- It provides funds for all education-related matters, including textbooks, and research.
- It is only accessible to students studying in Nigeria.
- There will be jail terms for student loan defaulters.
- The repayment of the loan will begin two years after the National Youth Service Corps Scheme is completed.
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