Dele Alake, an aide to Mr. Tinubu, revealed the exciting news on Monday, following the bill’s signing at the Presidential Villa in Abuja.
Under this new initiative, indigent students across the country can now access educational loans to support their academic pursuits, as long as they can provide evidence of their financial need.
A dedicated committee comprising education stakeholders will be established to oversee the loan distribution to ensure an efficient disbursement process.
Funding for the scheme will be sourced from a percentage of the federation’s revenue, demonstrating the administration’s commitment to prioritizing youth education.
The legislation imposes strict penalties, including a two-year imprisonment or a fine of N500,000, for defaulters and those who conspire to misuse the loans.
Andrew Adejo, the permanent secretary of the Ministry of Education, emphasized that this bill will address the issue of financial barriers hindering underprivileged students’ educational aspirations.
The signing of this bill reflects the Tinubu administration’s unwavering approach to enhancing both the quality and quantity of education during its tenure.
Adejo further highlighted the ministry’s existing experience with students’ financial matters through the student scholarship board scheme and their proficiency in loan recovery from various projects.
The interest-free loans will be disbursed based on the student’s duration of study and their capacity to repay.
The permanent secretary also called on the media to play a pivotal role in disseminating information about education funding in the country.
He emphasized that states should align their financial and technical support with the federal government to ensure access to quality education for all Nigerians.