Loans to be granted by the Nigeria Loan Board will be interest-free.

President Bola Tinubu gave the indication while signing the bill into law in Abuja on Monday.

He said the board would provide interest-free loans to students to ensure that beneficiaries were not encumbered and free from financial constraints.

Tinubu said that the loan board would also offer Nigerian students access to affordable and quality education.

He said the loan would be implemented through the use of the Nigerian Identity Number (NIN).

Tinubu said he was pleased to sign the law that would offer financial assistance to those who wish to further their education.

“I was pleased, today, to have signed into law, the Access to Higher Education Act which provides interest-free loans to deserving students across the country who wish to further their education in tertiary institutions.

“With this Act, we shall ensure that every deserving student has access to affordable and quality education, irrespective of their financial background.

Femi Gbajabiamila, a former Speaker of House of Representatives and Sponsor of the bill, said was excited that President Tinubu signed the “Student Loan (Access to Higher Education) Bill” into law.

“I sponsored this Bill in the House of Representatives, confident it will assist indigent students and families in grasping the opportunities that higher education can provide,” he said.