President Bola Tinubu has signed the Students Loan Bill into law, which was part of his campaign promises.
The law would allow indigent students in tertiary institutions to access a federal government loan for the duration of their studies.
Dele Alake, an aide to Mr Tinubu, disclosed this on Monday at the end of the signing at the Presidential Villa, Abuja.
Mr Alake said the bill would boost the educational pursuit of the youths across the country, adding that to enjoy the facility, students must show evidence of being indigent.
He said that a committee drawn from all the relevant education stakeholders would be set up to handle the process of an efficient disbursement of the loans.
Mr Alake said that a percentage of the revenue of the federation would be used to finance the new initiative.
The law stipulates a two-year imprisonment or N500,000 fine for defaulters and conspirators.