President Bola Tinubu signed the Access to Higher Education Bill into law on June 12th, providing easy access to higher education for Nigerians through interest-free loans from the Nigerian Education Bank.

The Bill was sponsored by Femi Gbajabiamila, the Speaker of the 9th House of Representatives and Chief of Staff to the President.

Applicants must apply through the Student Affairs Office of their institutions and meet the income requirement of less than N500,000 per annum.

Two guarantors are required, who must be civil servants, lawyers, judicial officers, or Justices of Peace.

Students can be disqualified for past loan defaults, drug-related offenses, felonies involving dishonesty or fraud, or exam malpractices.

The loan processing and disbursement will be completed within 30 days of application.

The loan granted to students will be strictly for tuition payment and will be interest-free.

Repayment of the loan begins two years after completing the applicant’s NYSC program.

10% of the applicant’s salary will be deducted for loan repayment, or 10% of their total monthly profit if self-employed.

Defaulters and those aiding them can face imprisonment, a fine, or both, upon conviction.