See Punishment For Defaulters Of Students Loan In Nigeria | READ DETAILS

Nigerian students will now have access to loans to aid the funding of their education as President Bola Tinubu has signed into law the students loan bill.

However, students who default in repayment or anyone found aiding defaulters of the students loan passed into law on Monday, June 12, 2023, will face two years imprisonment or N500,000 fine or both.

The bill, which was sponsored by Femi 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.’