Tinubu To Launch Student Loan Scheme Thursday

President Bola Tinubu will on Thursday launch the highly anticipated student loan scheme. The scheme, according to the president, will put an end to industrial actions in the country’s tertiary institutions.

The President Tinubu had on June 12, 2023, signed the Access to Higher Education Act, 2023 into law to enable indigent students to access interest-free loans for their educational pursuits in any Nigerian tertiary institution.

The Act, popularly known as the Students Loan Law, also established the Nigerian Education Loan Fund, which is expected to handle all loan requests, grants, disbursement, and recovery. The student loan bill was sponsored by Femi Gbajabiamila, the immediate-past speaker of the House of Representatives who is now Chief of Staff to the President.

The legislation provides for the establishment of the Nigerian Education Loan Fund, which will have the power to administer, supervise, coordinate, and monitor the management of student loans in the country. Based on the provisions of the legislation, the Fund is expected to receive and screen applications for student loans through higher institutions on behalf of the applicants.

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