In accordance with his pledge to bring reform to the nation’s education sector, President Bola Tinubu has taken first bold step by signing into law the Student Loan Bill which provides interest-free loan for indigent students of the higher institutions of learning in the country.
The spokesperson to the Federal Government, Mr Dele Alake, made this announcement on Monday while addressing newsmen at the presidential villa, Abuja. According to Dele Aleke, the education loan fund which will be in the custody of the ministry of education is only accessible to indigent students of tertiary institution.
A committee drawn from all the relevant educational stakeholders will be set up to facilitate the process for the disbursement of the loans, Mr Dele Aleke said.
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According to Mr Andrew Adejo, the Permanent Secretary in the Ministry of Education, the bill would rest the case of lack of funds hindering indigents’ educational pursuit.
The student loan bill which was sponsored by the Speaker of the 9th House of Representatives, Femi Gbajabiamila, gives allowance of two years grace period after the completion of the National Youth Service Corps for the commencement of the repayment of the loan by the beneficiaries and it recommended two years imprisonment or N500,000 or both for students who default in repayment or anyone found aiding defaulters.
This is the document which was signed (PDF).
