![]() But it was also a huge drain on public finances.ĭemocracy Day honours the late Chief Moshood Abiola - he was the presumed winner of the 1993 presidential election, held on 12 June, which was annulled by the military. The subsidy had long been seen by many Nigerians as one of the few perks they received from the state. Though the ending of the subsidy was expected, the stark announcement in his first minutes in power took many by surprise. In exchange for the ending of the subsidy, Mr Tinubu promised that he would repay Nigerians "through massive investment in transportation infrastructure, education, regular power supply, healthcare and other public utilities that will improve the quality of lives".īut he said that sacrifices must be made: "This is one decision we must bear to save ourĬountry from going under and take our resources away from the stranglehold of a Using a speech on Nigeria's Democracy Day holiday, President Tinubu told citizens: "I feel your pain." The decision led to a rapid rise in petrol prices. Nigeria's new President, Bola Tinubu, has broken his silence on the issue of the ending of the fuel subsidy since making the announcement that it was "gone" when he was sworn in a fortnight ago. ![]() Reuters Copyright: Reuters President Bola Tinubu was sworn in on 29 May following his victory in February's election Image caption: President Bola Tinubu was sworn in on 29 May following his victory in February's election Some students have had to drop out or get odd jobs to pay their way through college. ![]() He now says the "future of the country" is guaranteed, adding that "no Nigerian child be denied access to tertiary education on account of lack of financial resources".īeneficiaries of the loan are expected to start repayment as soon as they gain employment, following the completion of their studies and mandatory national service.īefore now, banks in Nigeria could only grant student loans to parents of the students with very stringent conditions. The bill was introduced in 2016 by Mr Tinubu's chief of staff, Femi Gbajabiamila, when he was the speaker of the House of Representatives. Legislation seeking to establish a national education bank to offer loansīut former President Muhammadu Buhari failed toĪssent to the bill before leaving office on 29 May. In November, the Nigerian parliament passed the Nigerian Education Loan Fund to cover tuition fees. Local students in tertiary institutions such as universities, colleges and polytechnics will now be able to easily get interest-free loans from the Law a student loan bill, a first of its kind in the country, that offers financial support for poorer students in higher education. Nigeria’s new President Bola Ahmed Tinubu has signed into Getty Images Copyright: Getty Images The new law offers students access to funds for their higher education at no interest Image caption: The new law offers students access to funds for their higher education at no interest
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