- President Bola Ahmed Tinubu, on Wednesday, April 3, signed the student loans (access to higher education) act (repeal and re-enactment) bill, 2024, into law
- The presidency said the student loan scheme is building an army of skilled workforce that can easily become self-employed and increase Nigeria's productive base
- However, Legit.ng reports that not all undergraduates are eligible for the initiative branded "unprecedented in the history of education in Nigeria"
FCT, Abuja - President Bola Tinubu on Wednesday, April 3, finally signed the national students loan amendment bill into law.
The federal government's mission is to offer financial assistance to indigent Nigerian students in tertiary institutions.
It is understood that the scheme offers loans to students to cover the cost of tuition and other schooling expenses.
In what has been described as "unprecedented in the history of education in Nigeria", Dada Olusegun, a presidential aide said that a four-year undergraduate course can get a N2 million financial package.
Amid the development on Wednesday, April 3, five categories of people are deemed ineligible to take the loan.
Courtesy Nigerian Tribune, Legit.ng highlights these people below:
- Applicant found guilty of exam malpractice by any school authority.
- Applicant who has been proven to have defaulted in respect of any previous loan granted by any organisation.
- Applicant with a criminal record of felony or any offence involving dishonesty or fraud.
- Applicants whose parents (father or mother) have defaulted in respect of student loans or any loan granted to him or her.
- Anyone who has been convicted of drug offences.
Read more about student loans:
- Tinubu’s govt postpones students loan launch indefinitely, gives reason
- FG finally sets date for students’ loan take off, announces recovery time
- “The website is almost done”: FG gives new update on student loan, how beneficiaries can apply
How students will access loans
Legit.ng earlier reported that the executive secretary of the Nigeria Education Loan Fund (NELFUND), Akintunde Sawyerr, explained how the student loan would be accessed by interested citizens.
Sawyerr disclosed that there will be no human contact in accessing the loan as everything will be automated and funds for successful students will be transferred to the schools’ accounts.
.. Source: Legit.ng
