On June 12, 2023, President Bola Tinubu approved a new Student Loan Bill, allowing Nigerian students to get interest-free loans. The bill was suggested by the outgoing speaker of the House of Representatives, Femi Gbajabiamila, and it was discussed in the lower house on May 23, 2023, as reported by The PUNCH.

People are talking about the possibility of having to pay fees in government-owned colleges and universities because of the new education bank. Some of these schools have already said they might increase fees. The goal is to find more money for higher education.

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According to the rules of the bill, students who want these loans must meet certain conditions. They should be studying at a public Nigerian University, Polytechnic, College of Education, or any TVET school. Their income or their family’s income should be less than N500,000 per year, and they need to find guarantors who meet certain criteria. Also, students with a history of not paying back loans, cheating in exams, committing serious crimes, or having parents who didn’t pay back loans won’t be considered.

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If students meet these conditions, they can apply for loans through the Students Affairs Office at their school. They also need to include a letter from the school’s Vice-Chancellor, Rector, or head, along with the Student Affairs.