A measure to create an education bank and provide interest-free loans to Nigerians seeking higher education was signed into law by President Bola Tinubu on Monday.
Dele Alake, one of Mr. Tinubu’s assistants, told state house reporters on Monday that the law has Mr. Tinubu’s approval.
The bill was launched in 2016 as a means of addressing the financing shortages in the nation’s tertiary education sector. It was sponsored by the departing Speaker of the House of Representatives, Femi Gbajabiamila.
Mr. Gbajabiamila has now been named Mr. Tinubu’s chief of staff, and he is scheduled to start work on Wednesday, one day after finishing his term as speaker of Nigeria’s green chamber.
The legislation is known as “An Act to Provide Easy Access to Higher Education for Nigerians Through Interest-Free Loans From Nigeria Education Bank Established in this Act with a View To Provide Education for All Nigerians and for Related Matters.”
As the All Progressives Congress’s presidential candidate, Mr. Tinubu pledged in his manifesto to push for the creation of the education bank in order to increase access to high-quality tertiary education.
“We’ll launch a test program for student loans…According to his manifesto, Renewed Hope, “this will increase access to education for all Nigerians, regardless of their backgrounds.” The opportunity to charge more cost-reflective tuition fees will also be provided to schools as a result of this. The loan scheme will have a maximum amount that every student may borrow and must have flexible repayment terms due to the existing employment rates and other factors.
Basic education, or the first nine years of primary through junior secondary education, is free and required in public schools in Nigeria.
However, in addition to the reality that public schools are inadequate, they have also developed a number of strategies to collect money from parents by offering necessities like desks, chalk, and even infrastructure.
Additionally, public postsecondary institutions have always claimed that their tuition is free, yet other charges are added to increase government funding allocations in Nigeria.
However, many of the 36 states of the federation have instituted tuition in their higher schools, which many students have regarded as being unaffordable, because education is on the concurrent list in the nation’s constitution.
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