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President Tinubu signs student loan bill into law
The Student Loan Bill has been signed into law by President Bola Tinubu. Dele Alake, a presidential assistant, revealed this to State House Correspondents on Monday night.â£â£â£
The bill will make interest-free loans available to students in Nigeria.
According to The PUNCH, the Students Loan Bill stipulates that any student who misses a payment or is discovered helping defaulters should receive two years in prison, a N500,000 fine, or both.
On May 25, 2023, the bill was approved in the House of Representatives after second reading.
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.’
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