President Bola Ahmed Tinubu of Nigeria has enacted a groundbreaking student loan bill, marking a significant milestone in the country.

The new law provides financial support to underprivileged students pursuing higher education.

This legislation enables local students enrolled in tertiary institutions, including universities, colleges, and polytechnics, to easily access interest-free loans from the Nigerian Education Loan Fund, covering their tuition fees.

I was pleased, today, to have signed into law, the Access to Higher Education Act which provides interest-free loans to deserving students across the country who wish to further their education in tertiary institutions.With this Act we shall ensure that every deserving student… pic.twitter.com/ptRLCDOZMU— Bola Ahmed Tinubu (@officialABAT) June 12, 2023

In November, the Nigerian parliament approved the bill, which aimed to establish a national education bank responsible for offering loans to students. However, former President Muhammadu Buhari did not give his assent to the bill before leaving office on May 29. No official explanation was provided for his inaction.

The bill was initially introduced in 2016 by Femi Gbajabiamila, who served as the speaker of the House of Representatives and currently holds the position of Chief of Staff to President Tinubu.

He now says the "future of the country" is guaranteed, adding that "no Nigerian child [will] be denied access to tertiary education on account of lack of financial resources".

Beneficiaries of the loan are expected to start repayment as soon as they gain employment, following the completion of their studies and mandatory national service.

Before now, banks in Nigeria could only grant student loans to parents of the students with very stringent conditions.

Some students have had to drop out or get odd jobs to pay their way through college.