Tinubu Signs Students Loan Bill Into Law With Stringent Conditions

President Tinubu has signed the students loan bill into law, The loan is for indigent students at interest free rates

Tinubu’s media aide, Dele Alake, made this known on Monday to the state house correspondents at the presidential villa, Abuja

The president hinted at the loan in his may 29 inaugural speech.

Alake said the loan scheme was in line with the global practices and would improve access to education

He added that education would be set up to grant the loan, while a committee  would be constituted to work out the modalities for the disbursement of the loan

According to the loan conditions, students seeking to benefit from the loan scheme would have to show proof of their origin.

Read Also:

Tinubu Asks Nigerians To Endure The Pains Of Petrol Subsidy Removal

Also, students who have been convicted of examination fraud by any school authority or defaulted in any loan granted by any organization would not benefit from the loan

Also to be excluded are students who have been convicted of fraud or drug related offenses, or whose parents have defaulted in the payment of students loan or any loan granted to them.

He said the signing of the bill signified how the Tinubu administration intended to handle the issue of qualitative and quantitative education in its period.

Adejo said the ministry already had experience in students’ financial dealings through the student scholarship boards scheme.

He added that the country’s handling of loan recovery in various projects would also come in handy in the recouping of loans.

He added that the interest-free loan would be disbursed based on the student’s number of years of study and ability to pay back.

The permanent secretary said the media should assist in disseminating information on the issue of funding of education in the country.

H said the states should march the financial and technical support of the Federal Government in order to give Nigerians good education.