The bill will provide an opportunity for underprivileged citizens—who constitute a significant portion of Nigeria’s growing population—to access government loans for quality education.
Recently elected President of Nigeria Bola Tinubu wasted no time implementing significant changes through his administration, following a controversial start to his presidency. Fulfilling one of his campaign promises, Tinubu signed the Students Loan Bill into law earlier this week.
The bill will provide an opportunity for underprivileged citizens—who constitute a significant portion of Nigeria’s growing population—to access government loans for quality education. The loans will apply to universities, polytechnics, colleges of education, and vocational schools established by both the federal and state governments, with the exception of private universities. Eligible applicants must come from households earning less than N500,000 ($1,000) per year.
Dele Alake, an aide to President Tinubu, announced the signing on Monday at the Presidential Villa in Abuja. Alake highlighted the significance of this achievement, stating, “This fulfils the promise made by then-candidate His Excellency Bola Ahmed Tinubu during the presidential campaign to prioritize student loans. Today, that promise has been kept. He has just signed the bill into law, which will enable indigent students to access federal government loans to fund their education, aligning with practices in other developed countries around the world.”