At the Presidential Villa in Abuja on Monday, President Bola Tinubu officially signed the student loan bill into law.
In May, the lower chamber's third reading of the bill was approved.
It aims to offer financial aid to Nigerian students enrolled in post-secondary institutions.
Femi Gbajabiamila, the former speaker of the house of representatives, sponsored the legislation.
Former Lagos information and strategy commissioner Dele Alake informed state house reporters that the bill had been signed.
The Act makes it possible for Nigerian students in tertiary institutions to obtain loans from the Nigerian education loan fund without paying interest.
The law calls for the creation of the Nigerian Education Bank, which will be given authority to oversee, administer, coordinate, and monitor the country's student loan administration.
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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
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