President Bola Tinubu has signed the student loan bill into law.
Tinubu signed the bill on Monday at the Presidential Villa, Abuja.
In November 2022, the legislation, which seeks to provide financial assistance to Nigerian students in tertiary institutions, was passed by the national assembly.
The bill was sponsored by Femi Gbajabiamila, immediate-past speaker of the house of representatives.
Dele Alake, a former Lagos commissioner of information and strategy, announced the signing of the bill to state house correspondents.
The legislation allows Nigerian students in tertiary institutions to access interest-free loans from the Nigerian education loan fund.
The legislation provides for the establishment of the Nigerian education bank, which will have the power to administer, supervise, coordinate, and monitor the management of student loans in the country.
Based on the provisions of the legislation, the bank is expected to receive applications for student loans through higher institutions on behalf of the applicants and screen them.