The legislation provides for the establishment of the Nigerian Education Fund, domiciled with the Central Bank of Nigeria (CBN) from which qualified applicants can access education loans through the commercial banks in the country.
By Saidu Idris
365Daily – President Bola Ahmed Tinubu has signed the Students Loan Bill into Law.
Sponsored by the outgoing Speaker of the House of Representatives and Chief of Staff to the President, Hon. Femi Gbajabiamila, it seeks to provide easy access to higher education for Nigerians by providing student loans for all Nigerians.
Reacting to the development, Gbajabiamila hailed President Tinubu for signing the law, which he said has guaranteed and strengthened the less privileged in society access to tertiary education.
In a statement issued by his Special Adviser on Media, Mr Lanre Lasisi, on Monday, Gbajabiamila said President Tinubu has shown enough determination and empathy with Nigerians to deliver good governance, considering the people-oriented and life-changing legislation he has signed into law within the short period of his assumption of office.
He noted that the hardship being faced by the unemployed and low-income earners, coupled with the very high cost of living in Nigeria over the years had made access to quality higher education difficult, stressful and in some cases, impossible.
The legislation provides for the establishment of the Nigerian Education Fund, domiciled with the Central Bank of Nigeria (CBN) from which qualified applicants can access education loans through the commercial banks in the country.
Gbajabiamila said: “When the actions of the President are viewed critically and without prejudice, it is reassuring that Nigerians are bound to enjoy good governance if the Legislature and the Executive will continue this symbiotic relationship that has brought massive change into governance within such a short period in the life of this administration.
“While I congratulate Nigerians on this new feat, I will equally implore our indigent youths to maximise the advantage of the new law that will enable them to chart the future they crave for themselves.”