President Bola Ahmed Tinubu has removed restrictions on student’s loan introduced to make education easier and affordable for students in the country.
The President made this known in his recent broadcast to the nation to brief the citizenry how far the new administration has done in tackling the plethora of challenges facing the nation.
It will be recalled that the President and Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria, His Excellency, Asiwaju Bola Ahmed Tinubu, GCFR, recently signed the Student Loan Bill into law.
The signing of the bill was in fulfillment of one of his campaign promises to liberalise funding of education.
The Students Loan Act was President Tinubu’s second piece of legislation signed since he assumed office two weeks ago.
Interestingly the bill would enable indigent students to access loans at interest-free rates.
The piece of legislation was sponsored by the Speaker of the 9th House of Representatives, Mr. Femi Gbajabiamila and passed the third reading at the House on May 25, 2023.
Among the restrictions on the student’s loan are proof of origins by the beneficiary.
The members of committees to be set up will be drawn from various bodies to superintend over the efficient and proficient disbursement of this facility.
The student whose parents earn less than N500,000 per annum is qualified for the loan while student whose father earns more may not benefit.
Also, student has to refund the money two years after NYSC.
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