Tinubu signed the bill on Monday at the Presidential Villa, Abuja.

The legislation, which seeks to provide financial assistance to Nigerian students in tertiary institutions, passed the third reading in the lower chamber in May.

The bill was sponsored by Femi Gbajabiamila, immediate-past speaker of the house of representatives.

Dele Alake, a former Lagos commissioner of information and strategy, announced the signing of the bill to state house correspondents.

The legislation allows Nigerian students in tertiary institutions to access interest-free loans from the Nigerian education loan fund.

The legislation provides for the establishment of the Nigerian Education Loan Fund, which will have the power to administer, supervise, coordinate, and monitor the management of student loans in the country.

Applying for a student loan can have several benefits for individuals who are pursuing higher education.

Here are some of the key benefits of applying for a student loan:

1. Access to education: Student loans provide access to educational opportunities that may otherwise be financially out of reach. They can cover tuition fees, books, supplies, and other educational expenses, allowing students to focus on their studies without worrying about immediate financial constraints.

2. Flexible repayment options: Many student loans offer flexible repayment options, including deferred repayment while still in school or grace periods after graduation. This flexibility can provide students with the necessary time to find employment and establish a stable financial foundation before beginning repayment.

3. Enhance career prospects: Higher education is often associated with improved career prospects and higher earning potential. By pursuing a student loan and investing in your education, you may increase your chances of obtaining a degree or certification that can lead to better job opportunities and higher income in the long run.

4. Financial flexibility: Student loans can provide temporary financial relief for students who may not have sufficient savings to cover their educational expenses. By using a student loan, individuals can allocate their available funds for other essential living expenses or personal investments.

5. Tax Benefits: In some countries, student loan interest payments may be tax-deductible, providing potential tax advantages. It is important to consult with a tax professional or financial advisor to understand the specific tax implications in your country or region.

It is important to note that while student loans can provide numerous benefits, they should be approached with caution.