President Bola Tinubu has signed students loan bill into law on Monday.
The bill is expected to see the establishment of an education bank by Tinubu government.
A representative of the Federal Government, Dele Alake, disclosed this to Reporters on Monday evening.
The bill will enable Nigerian students to access loans at interest-free rates.
The piece of legislation passed second reading at the House of Representatives on May 25, 2023.
This is the third bill that will be signed by the president since his inauguration.
In November 2022, the legislation, which seeks to provide financial assistance to Nigerian students in tertiary institutions, was passed by the national assembly.
The bill was sponsored by Femi Gbajabiamila, immediate-past speaker of the house of representatives.
Recall that, speaking at one of his campaigns, Tinubu had promised to give student loans as part of efforts to develop the education sector and also build the youth capacity.
Tinubu made the promise at the British Royal Institute in London.
“Youths are the greatest asset of tomorrow,” Tinubu said in Chatham House while fielding questions from participants at the event, adding that they will be part of his “all-inclusive” government, pointing to the Lagos State Governor Babajide Sanwo-Olu.
“The education system is to change. We would overhaul it and tinker with some areas with the philosophy that no one would be left behind. There will be student loans for all. We are going to reform the Almajiri system, We are equally going to build more schools, recruit more teachers and train them,” the former Lagos state governor said.
To further help young people, he said if elected, his government would equally introduce technology hubs where youths can acquire digital skills to better develop their leadership skills.
“Youths can even develop technological languages on their own and make a better 21st-century approach to governance in Nigeria,” he said.