President Tinubu Signs Students’ Loan Bill Into Law

President Tinubu has signed the Students’ Loan Bill into law as part of the fulfillment of campaign promises made to Nigerians.

Presidential spokesperson Dele Alake announced the new development on Monday, June 12, 2023, a significant day in the country’s history as it is designated as the celebration of “Democracy Day.’’

Alake disclosed that the funds for students’ loans will be domiciled with the federal government through the Ministry of Education.

What do Nigerian students stand to gain?

The bill, which was sponsored by Femi Gbajabiamila, the Speaker of the 9^th House of Representatives, affords indigent Nigerian students an opportunity to access study loans repayable without interest.

Nigerian students have struggled to pay high education costs amidst ever-increasing inflation.

President Tinubu’s decision to sign the bill into law is a relief to thousands of Nigerian youth who intend to obtain higher education but cannot due to poverty.

Critics have questioned the Students’ Loan Bill on the grounds that the government could have made provision for study grants and scholarships for students from low-income backgrounds.

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Paul Obiefuna, a student at the University of Nigeria, Nsukka, hailed the government’s initiative but opined that a scholarship scheme would have been a better option.

“President Tinubu has really won my heart with this bill, but it would have been better if the government made provision for scholarships so students do not have to worry about repaying the study costs,” Paul said.

President Asiwaju Bola Ahmed Tinubu has made a number of strong moves since attaining power on May 29, 2023.

He ended the fuel subsidy regime, signed the Electricity Bill into law, and now the Students’ Loan bill in less than a month in power.