On June 12, 2023 coinciding with the celebration of Democracy Day in Nigeria, President Tinubu signed the student loan bill into law to enable the Nigeria indigenous students to access interest-free loans for their educational pursuits in any Federal/ and tertiary institution and colleges.
The president stated, “I have just reassigned a bill proclaiming the student loan effectively. First of all, I must thank members of the National Assembly for their expeditious handling of this bill considering the children of Nigeria, that education is the tool to fight against poverty effectively.
Requirements for student loan
News Act stipulates that interested students are to apply to the Chairman of the Bank through their institutions after satisfying the following conditions
- Student must have secured admission into any public Nigerian University, Polytechnic, college of education or any TVET school.
- Applicant’s income or family income must be less than N500,000 per annum.
- Applicants must provide at least two civil servants as guarantors of not less than level 12 years in service;
- The applicant must provide a Lawyer with at least 10 years post-call experience a Justice of Peace.
The Vice-Chancellor or Rector or the head of the institution and the Student Affairs will sign the list of all qualified applicants from the institution accompanied by a cover letter.
How much can students borrow as loan
No information by President Tinubu to specify the amount each successful student would be given. An education expert, Sadiq Aminu, suggests that the loans will be based on the institution, course of study, and duration.
conclusion
the President said, “We are here because we are all educated and were helped.
“In the past, we have seen a lot of our children drop out of colleges and give up the opportunity.
“That is no more, the standard and the control is there for you to apply no matter who you are as long as you are a Nigerian citizen.
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