Fakoyejo OlalekanPresident Bola Tinubu has signed the Student Loan Bill into law on Monday, 12 June, his aide, Dele Alake, disclosed this to State House Correspondents.
Recall that the House of Representatives passed the bill through the second reading on 25 May 2023, before Tinubu signed it into law on Monday evening.
This will allow Nigerian students to access loans at interest-free rates for their school fees and also enable schools to decide their school fees in the long term.
Prime Business Africa gathered that this is part of Tinubu’s manifesto, where he promised to devise new ways universities can source for school fees.
He intends to end the reoccurring strike by the Academic Staff Union of Universities (ASUU) by reforming the education system in Nigeria, as the association often protest poor funding.
I will initiate a new creative means of funding tertiary education by granting universities the financial autonomy to explore new sources of financing through grants, corporate sponsorship, tuition fees etc.
“My administration will collaborate with all the tertiary education sector stakeholders, including students, parents, the academic community, relevant unions, and the government.
“I will instantly end the culture of strikes and the shutdown of higher institutions in Nigeria and harmonize the school calendar across the nation in a predictable manner,” Tinubu wrote in his manifesto during his political campaign for office.
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