Just last week, President Bola Tinubu signed the Access to Higher Education Act, 2023, also known as the Students Loan Act, a law providing interest-free education loans for Nigerians seeking tertiary education.
There are indications, however, that the newly signed act might not get the support of key stakeholders in the education sector, including the Academic Staff Union of Universities (ASUU).
The bill, sponsored by the Speaker of the 9th House of Representatives, Femi Gbajabiamila (now the President’s Chief of Staff).
First introduced in 2016, the bill failed to gain traction. Reintroduced three years later, in 2019, it only gained the attention of the National Assembly in November 2022. The act outlined how the funds would be generated, saved, and administered.
The threshold of eligibility for the loan was low enough to accommodate the average Nigerian student. Similarly, the loan application process was simple enough, consisting mainly of the submission of an application letter, a copy of the admission letter, and two guarantor letters.
The modality of repayment, however, was a different kettle of fish altogether. According to the act, beneficiaries of the loan begin repayment precisely two years after the completion of their NYSC programme.
