President Bola Tinubu has signed the Student Loan Bill into law.
An aide to the president, Dele Alake, disclosed this to State House Correspondents on Monday evening.
He noted that the bill will enable Nigerian students to access loans at interest-free rates.
The PUNCH reports that the Students Loan Bill recommended two years imprisonment or N500,000 or both for students who default in repayment or anyone found aiding defaulters.
The piece of legislation passed second reading at the House of Representatives on May 25, 2023.
The bill, which was sponsored by Gbajabiamila, was titled ‘A Bill for an Act to provide for easy access to higher education for Nigerians through an interest-free loan from the Nigerian Education Bank established in this Act to provide education for Nigerians and other purposes connected thereto.’