President Bola Tinubu on Monday signed the student loan bill into law.
Tinubu signed the bill on Monday at the Presidential Villa, Abuja.
In November 2022, the Bill was passed by the national assembly.
The bill was sponsored by Femi Gbajabiamila, immediate-past speaker of the house of representatives.
The legislation seeks to provide financial assistance to Nigerian students in tertiary institutions.
The bill seeks the establishment of the Nigerian Education Bank which shall have powers to supervise, coordinate, administer and monitor the management of student loans in Nigeria and receive applications for students’ loan through higher institutions in Nigeria on behalf of the applicants, screen the applications to ensure that all requirements for the grant of such loans under the Act were satisfied.
The bank shall also have the powers to approve and disburse the loan to qualified applicants; control, monitor and coordinate the students’ loan account/fund and ensure compliance in respect of disbursement; monitor academic records of grantees of the loan to obtain information on their year of graduation, national service, employment to ensure that grantees of the loan commence repayment of the loan as at when due, among other functions.