Nigeria’s President, Asiwaju Bola Ahmed Tinubu, has signed the Student Loan Bill into law.
Tinubu’s aide, Dele Alake, disclosed this to State House Correspondents recently.
The bill will enable Nigerian students to access loans at interest-free rates.
As reported by The PUNCH, the Students Loan Bill recommended two years imprisonment and/or N500,000 for students who default in repayment.
On May 23, 2023, the piece of legislation passed second reading at the House of Representatives.
The bill was sponsored by Gbajabiamila and it was titled ‘A Bill for an Act to provide for easy access to higher education for Nigerians through an interest-free loan from the Nigerian Education Bank established in this Act to provide education for Nigerians and other purposes connected thereto.’
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