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 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.
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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.
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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.
