President Bola Tinubu has recently signed a bill into law that paves the way for the establishment of an education bank.
This move aims to support students in Nigeria by providing them with interest-free loans through higher institutions.
Under the legislation, prospective applicants will submit their loan applications to the education bank, which will be responsible for screening and processing them.
The bill received approval from the national assembly in November 2022 and was championed by Femi Gbajabiamila, the former speaker of the House of Representatives.
President Tinubu signed the bill on Monday at the Presidential Villa in Abuja, fulfilling his campaign promise to prioritize the development of the education sector and youth empowerment.
During a speech at the British Royal Institute in London as part of his campaign promises, Tinubu emphasized the importance of investing in the youth, referring to them as the nation’s most valuable asset.
In addition to the student loan program, Tinubu pledged to bring about significant changes in the education system. He promised to revamp and modernize the system to ensure that no one is left behind.
Plans include reforming the Almajiri system, increasing the number of schools, recruiting and training more teachers, and introducing technology hubs. These technology hubs would serve as platforms for young people to acquire digital skills, empowering them to lead and contribute to a more technologically advanced Nigeria.
Tinubu envisions a future where Nigerian youths develop innovative technological solutions and bring a fresh 21st-century approach to governance.
His commitment to an all-inclusive government, exemplified by his endorsement of Lagos State Governor Babajide Sanwo-Olu, underscores his dedication to youth empowerment and the transformation of the education sector.