The bill aims to provide interest-free loans to indigent Nigerian students.
The signing ceremony, held at the Presidential Villa in Abuja on Monday, was attended by key government officials and education stakeholders.
The bill was sponsored by the outgoing Speaker of the House of Representatives, Femi Gbajabiamila, who was recently appointed Chief of Staff to President Tinubu.
Tinubu had expressed his commitment to improving education in the nation and ensuring that talented students are not hindered by financial constraints in pursuing their dreams.
By offering interest-free loans to indigent students, the government aims to alleviate the financial burden that often prevents students from pursuing higher education. The Act will also promote equal opportunity and social mobility by providing financial support to students who need it.
The signed bill repeals the Nigerian Education Bank Act and Enact the Student Loan (Access to Higher Education) Act.
The House of Reps had said the bill will “provide easy access to higher education for indigent Nigerians through interest-free loans from the Nigerian Education Loan Fund established in this Act with a view to providing education for all Nigerians and for related matters.”