Factsheet of the Students Loans Act, 2023

This document seeks to highlight the major provisions of the Students Loans (Access To Higher Education) Act, 2023. The Students Loans Bill was proposed in 2016 by the former Speaker of the 9th House of Representatives, Femi Gbajabiamila, now the Chief of Staff to the President of Nigeria as part of the measures towards addressing the funding gaps in the country’s Tertiary Education Subsector.
Furthermore, as part of his manifesto as the presidential Candidate for the All Progressives Congress (APC), President Ahmed Bola Tinubu promised to pursue the establishment of the Education Bank towards enhancing access to quality education at the tertiary level. The bill was passed by the lawmakers in late May, 2023 and was signed into law on Monday, June 12, 2023, to provide interest free loans from the Nigerian Education Loan Fund to indigent Nigerians seeking Higher Education in the country.