Nigeria's Student Loan Bill Paves Way For Tertiary Studies

President Bola Ahmed Tinubu has signed a groundbreaking student loan bill, which provides financial assistance to economically disadvantaged students pursuing higher studies. The law allows Nigerian students to easily access interest-free loans from the Nigerian Education Loan Fund to cover their tuition fees.

The legislation was initially introduced in 2016 by Femi Gbajabiamila, who was then the speaker of the House of Representatives and currently serves as the chief of staff to the president. Former President Muhammadu Buhari did not approve the Bill before leaving office in May 2023. He did not provide an explanation for his inaction.

With the new law in place, the president aims to ensure that no Nigerian child is denied access to tertiary education due to financial constraints. The loan recipients will be required to start repaying the loans once they secure employment after completing their studies and mandatory national service. Previously, Nigerian banks could only grant student loans to parents, and the conditions were quite strict, forcing some students to drop out or take on part-time jobs to pay for their education.