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President Bola Tinubu Shocks Critics, Signs Student Loan Bill into Law
President Bola Tinubu signed the Student Loan Bill into law on Monday, June 12, 2023. The bill, which was passed by the National Assembly in March, will enable Nigerian students to access loans at interest-free rates to finance their education.
The signing of the bill was a fulfilment of a promise made by President Tinubu during his campaign for president. In his campaign, he promised to make education more affordable for Nigerian students by providing interest-free loans.
Has Tinubu signed the Student Loan Bill, they will create an education bank that will be responsible for disbursing loans to students. The bank will be funded by the federal government and will be managed by a board of directors.
To qualify for the Tinubu Student Loan, students must be enrolled in a full-time undergraduate or graduate program at an accredited institution. They must also have a good academic record and demonstrate financial need.
Furthermore, the student loans will be repaid over a period of 10 years. The interest rate on the loans will be zero per cent. The signing of the Student Loan Bill is a major step towards making education more affordable for Nigerian students. It will help to reduce the financial burden on students and their families and will make it possible for more students to pursue higher education.
The bill has been welcomed by students and education stakeholders. They believe that it will help to improve access to education and will boost the country’s human capital development.
The Nigerian Education Bank will also approve and disburse loans to qualified students. It will carefully monitor and coordinate student loan accounts, ensuring that all disbursement procedures are followed.
The bank will also keep track of the academic records of loan recipients, including information on their graduation, national service, and employment. This monitoring process helps to ensure that loan recipients repay their loans promptly when due, among other important tasks.
Watch the Video Below:
JUST IN: President Bola Tinubu signed Student Loan bill into law. pic.twitter.com/xmK3BMgugV
— Asiwaju (@mr_asiwaju) June 12, 2023