NEWS
Things To Know About New Student Loan Act
In what could be considered a fulfilment of one of his electioneering promises, President Bola Tinubu, on Monday, 12th May, signed into law the student loan bill.
The bill provides financially disadvantaged Nigerian students access to interest-free loans during their education.
Sponsored by Femi Gbajabiamila, the former Speaker of the House of Representatives and the incoming chief of staff to the president, the bill is specifically for students in the universities, polytechnics, and colleges of education owned by the federal or state governments.
In November 2022, the National Assembly passed the bill, but for an unknown reason, the former President Muhammadu Buhari did not sign it into law.
While many have applauded the idea, others have expressed doubts about the efficacy of the bill in solving the problems in the country’s education sector.
Lecturers have condemned certain provisions of the new law, some saying the loan repayment mode is not feasible.
In any case, the new law is now expected to be a factor in the education system of the country. However, many are still not sure of its application, how to access the loan, the repayment methods and other guidelines.
Here are key things to know about the controversial bill:
1. It provides for the establishment of the Nigerian Education Bank, a financial institution specifically designed to grant loans to indigent students and recover them at a zero-interest rate.
The bank, according to the provisions of the bill, will source its funds from education bonds, education endowment funds, and steady one percent of national tax derivations from the Federal Inland Revenue Services (FIRS), the Nigerian Immigration Service and the Nigerian Customs Service (NCS).
Another funding source is one percent of the profit accruing from oil and minerals.
The regulatory institution will monitor the academic progression of the loan beneficiary, according to the provisions of the bill.
Not limited to this, for the purpose of ensuring repayment of a loan, the bank will monitor the beneficiary’s progression into the labour market.
2. Repayment of loans starts two years upon the completion of the beneficiary’s National Youth Service (NYSC). It will be through a direct deduction of 10 percent from the beneficiary’s salary, the bill states.
3. The bill provides that a professor and retired vice chancellor, over many other governing board members, would chair the education bank.
4. Part of the conditions and requirements the bill set out is that the loan can only be for the payment of tuition. Willing students would send a loan application to the bank through their respective institutions, but no application will be deemed successful without meeting the conditions highlighted in the bill.
One of the conditions is that an applicant must be from a family whose per annum income is less than N500,000. In addition to this, such applicant must be able to provide two guarantors.
5. The bill also gives grounds for the forfeiture of a student’s chance of being considered for the loan.
Students who have previously defaulted in the repayment of the loan or have been found guilty of examination malpractice by any school would be turned down.
The bill also exempts ex-drug convicts from accessing the loan, same with anyone convicted for felony, dishonesty and other related offences.
It also excludes any applicant whose parents have defaulted in the repayment of any loan. The bill stipulates a fine of N500,000, two-year imprisonment or both for any defaulter upon conviction.
On Wednesday, the federal government, through Andrew David Adejo, the Ministry of Education’s permanent secretary, said the loan facility would commence in September/October 2023.
“The president has also directed that by September to October this 2023/2024 academic session, he wants to see recipients of these loans. So, it is a very serious march for us. So, between now and then, we have to figure out the process for people to get the loan,” Adejo told journalists in Abuja on Wednesday.
President Bola Ahmed Tinubu has declared that he is healthy, sound and ready to resume work after returning to Nigeria from his four-week working vacation in Europe.
Tinubu made the remarks on Tuesday shortly after arriving in Lagos from Paris, France, where he spent the final part of his vacation.
SEE MORE: Tinubu Departs Paris for Lagos, Set for Abiola Tribute
Speaking briefly after his arrival, the President said he enjoyed the break before assuring Nigerians of his readiness to return to official duties.
“I enjoyed myself,” Tinubu said.
On his readiness to resume work, he added: “Ready to kick, ready to work. There’s nothing wrong.”
The President also addressed rumours surrounding his wellbeing, attributing such speculation to the political environment.
“Well, rumour will always be emanating from politics, but the fact remains I’m here—healthy, sound, and ready to go,” he said.
Tinubu arrived at the Presidential Wing of the Murtala Muhammed International Airport in Lagos at about 6:22 p.m. on Tuesday, marking the end of his European working vacation.
His return comes ahead of Nigeria’s 66th Independence Anniversary on October 1, with the President expected to participate in activities marking the occasion in Lagos.
The Presidency had earlier said Tinubu would remain in Lagos for several days for Independence Day engagements and strategic meetings before returning to Abuja.
Tinubu departed Nigeria on August 30 and spent time in London and Paris during the trip, while continuing official engagements.
The Managing Director and Chief Executive Officer of the Niger Delta Development Commission (NDDC), Samuel Ogbuku, has highlighted the completion of the 1.2-kilometre Kaa-Ataba Bridge in Rivers State as evidence of the Commission’s growing capacity to deliver major infrastructure projects across the Niger Delta.
Ogbuku spoke at the 2026 NDDC Partners for Sustainable Development Conference in Port Harcourt, where he attributed the Commission’s progress to the support and cooperation of its development partners and other stakeholders.
SEE MORE: Otti Commends NDDC, Charges Team Abia To Dominate NDSF
The Kaa-Ataba Bridge links Khana and Andoni Local Government Areas of Rivers State and is expected to improve connectivity between the communities when opened to vehicular traffic.
According to Ogbuku, the project is among developments that many previously considered beyond the capacity of the NDDC.
“These are things that, in the past, people never believed the NDDC could do. Today, we are doing them seamlessly because of the support we are getting,” he said.
The NDDC boss said the progress recorded by the Commission demonstrated the impact of collaboration between the agency and its development partners.
He thanked stakeholders, President Bola Ahmed Tinubu, the National Assembly and the Minister of Regional Development for their support and encouragement towards the delivery of projects across the Niger Delta.
Ogbuku said the achievements also underscored the importance of collective responsibility, in line with the theme of the 2026 conference, “Synergy for Transformation.”
Presidential spokesman Bayo Onanuga has highlighted the Nigerian National Petroleum Company Limited’s (NNPC Ltd) latest financial and operational performance, saying the figures offer “some lessons for Atiku” amid the debate over fuel subsidy.
Onanuga disclosed this in a post on X on Tuesday while reviewing NNPC’s key financial performance for 2025 following the release of the company’s audited results.
According to him, NNPC’s earnings before interest, taxes, depreciation and amortisation (EBITDA) rose by 22 per cent to ₦18 trillion, while earnings per share increased by 32 per cent to ₦35.9.
ALSO READ: ‘We’ll Bring Back Subsidy in Our Own Way’ — Kwankwaso
He said the company’s operating cash flow also grew by 16 per cent to ₦12.8 trillion, while return on equity improved by 200 basis points to 16 per cent.
Onanuga further noted that NNPC declared a ₦5.8 trillion dividend, representing a 35 per cent increase.
Highlighting the company’s operational performance, he said crude oil and condensate production averaged 1.77 million barrels per day, its highest level in five years.
Natural gas output, he added, averaged 7.2 billion standard cubic feet per day, representing a three-year high.
Oil and condensate production totalled 565.8 million barrels, up five per cent, while NNPC’s equity share increased by 11 per cent to 223.7 million barrels.
Gas production also reached 2,606.2 billion standard cubic feet, up nine per cent, while the company’s equity share rose by 11 per cent to 1,154.9 billion standard cubic feet.
Onanuga then linked the performance to the subsidy debate, arguing against a return to petrol subsidy.
“Atiku’s subsidy programme will certainly kill this company, which could be our own Aramco. Our country has no business taking 100 steps back. Forward ever!” he said.
NNPC Records ₦7.2tn Profit
NNPC Ltd had earlier announced a 33 per cent increase in profit after tax for the financial year ended December 31, 2025.
The company’s profit after tax rose from ₦5.4 trillion in 2024 to ₦7.2 trillion in 2025, while revenue stood at ₦34.5 trillion.
NNPC also reported a 22 per cent increase in EBITDA to ₦18 trillion, a 16 per cent rise in operating cash flow to ₦12.8 trillion and a 32 per cent increase in earnings per share to ₦35.9.
The company declared a ₦5.8 trillion dividend, representing a 35 per cent increase.
On production, NNPC said crude oil and condensate output averaged 1.77 million barrels per day, its highest level in five years, while natural gas production averaged 7.2 billion standard cubic feet per day.
The company said the results reflected stronger earnings capacity and operational momentum as it continues to pursue increased production and investment across the Nigerian oil and gas sector.
2027: Ogun Police Begins Early Election Security Preparations, Warns Against Political Violence
‘Ready to Kick, Ready to Work’ — Tinubu Addresses Health Rumours
Why 2025 Capital Budget Remains Unfinished as Reps Extend Deadline to December
‘People Never Believed NDDC Could Do This’ — Ogbuku Highlights Kaa-Ataba Bridge
‘Some Lessons for Atiku’ — Onanuga Touts NNPC’s ₦7.2tn Profit, Warns Against Subsidy Return
“Anybody Who Wants to Cause Trouble, We’re Ready” — Dangote Reacts to Kenya Court Order on Lamu Refinery
Trump’s Family Unveils New Cryptocurrency Platform
Senate Denies Receiving Petitions Against Tinubu’s Ambassadorial Nominees
Dangote Cement Lights Up Benue Host Communities With CSR Initiatives
Reps Recommend 3-year Jail Term For Aviation minister
Tems Sets New Record On Billboard Hot 100 Chart
