JUST IN: Tinubu lifts requirements for Student Loan, makes it open to all

President Bola Tinubu has lifted requirements for students of federal universities to access student loans.

The presidency announced the decision on Monday via a tweet by @NGRPresident. According to the tweet, there no longer would be restrictions on who can access the loan as proposed in the Student Loan Act.

The presidency’s tweet read, “In line with his promise to ensure no Nigerian student abandons educational pursuits as a result of economic circumstances of their parents, President Tinubu has approved the removal of all restrictions on the Students’ Loan, to make it available to any student or household that may desire it.

“Similarly, President Tinubu has directed the authorities in all Federal Institutions of higher learning to avoid arbitrary increase in sundry fees payable, and where possible defer further increases, so that parents and students don’t face too many difficulties.”

The Student Loan Act requires applicants to come from families with less than ₦500,000 annual income, get a level 12 civil servant and lawyer with over 10 years post-call years as guarantors and get approval from their vice chancellors.