First Student Loan Act signed

In June 2023, President Bola Tinubu signed Nigeria's first Student Loan Act into law, establishing a framework for providing interest-free loans to Nigerian students pursuing higher education. The legislation created the Nigerian Education Loan Fund (NELFUND) to administer the program and set eligibility criteria for applicants. The Act aimed to address the financial barriers preventing many Nigerians from accessing tertiary education, particularly as university fees had become increasingly unaffordable for middle and lower-income families.

The push for student loan legislation had been building for years as Nigeria's education funding crisis deepened. Public universities frequently went on strike due to inadequate government funding, while private institutions remained beyond the reach of most families. Previous administrations had proposed similar schemes, but implementation challenges and political transitions prevented their realization. The COVID-19 pandemic further highlighted educational inequalities, as many students struggled to continue their studies due to economic hardship and reduced family incomes.