13/06/23
SHINA J.O
President Bola Tinubu has signed the Student Loan Bill into law.
Permanent Secretary, Ministry of Education, Mr. David Andrew disclosed this to State House correspondents, on Monday at the Presidential Villa, Abuja.
The Permanent Secretary said that the Students Loan Bill that has been signed into law is an interest-free loan.
An aide to the President Dele Alake, says the funds will be domiciled in the Ministry of Education and will only be accessed by indigent students of tertiary institutions.
The student loan bill sponsored by the Speaker of the 9th House of Representatives, Femi Gbajabiamila, which provides for interest-free loans to indigent Nigerian students, passed the third reading at the House, two weeks ago.
The law is to provide easy access to higher education for indigent Nigerians through interest-free loans from the Nigerian Education Loan Fund.
The Students Loan Bill recommended two years imprisonment or N500,000 or both for students who default in repayment or anyone found aiding defaulters.
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