Nigerian students can now breathe a sigh of relief as President Bola Ahmed Tinubu today signed the much-anticipated student loan bill into law.

Tinubu signed the bill on Monday at the Presidential Villa, Abuja, hours after the celebration of June 12 Democracy Day.

This was announced to the state house correspondents by the erstwhile commissioner of information and strategy, Lagos Star, Dele Alake.

“Today, President Bola Ahmed Tinubu has just signed the Student Loan Act. This is just in fulfilment of his promise during the electioneering campaigns, where he promised that students would access loans to go to school,” he said.

The newly signed bill by President Tinubu was sponsored by the new Chief of Staff to the President, Femi Gbajabiamila, while he was serving as the speaker of the House of Representatives.

The legislation, which seeks to provide financial assistance to Nigerian students in tertiary institutions, was passed by the national assembly earlier in November 2022.

The law calls for the creation of the Nigerian Education Bank, which will be given the authority to oversee, administer, coordinate, and monitor the country’s student loan administration.

The provision of the legislation indicated that the bank is expected to accept and screen applications for student loans submitted by applicants through higher education institutions in the country.