These penalties are built to underscore the seriousness of loan repayment obligations and motivate borrowers to fulfill their tasks instantly. According to the provisions of the bill, on conviction, the defaulter or the person aiding the default may possibly face a fine of N500,000, imprisonment for just a time period https://africred.org/11-Things-You-Need-To-Know-About-the-Student-Loan-Law-in-Nigeria