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The Nigerian government has announced plans to implement a student loan program starting from September/October 2023.
The Permanent Secretary of the Federal Ministry of Education, Andrew David Adejo, stated that President Bola Tinubu has approved a committee to oversee the realization of the Student Loan Bill, which he recently signed into law.
The bill, sponsored by the Speaker of the 9th House of Representatives, Femi Gbajabiamila, provides interest-free loans to indigent Nigerian students to ensure easy access to higher education.
The loans will be provided through a specialized bank, which will cover both private and public schools.
The loan recovery process will begin only after the recipient has secured employment.
The government aims to create job opportunities through this initiative.
As of June 12, only three people have seen the Act, which is the president, the current Chief of Staff, and the Permanent Secretary.
