This is my personal opinion and I’m open to any counter opinions.

To me, this bill is not welcoming and appears to be more of a trap than a development. There are so many factors to be put in place before this and I’ll advise youths and Nigerian students not to fall for this trap.
Before passing such bills there should be vast provision of employment. Increase the employment market and give the youths confidence of getting a job after graduation.
Imagine taking a student loan of 2million naira for example and Alhamdullilah you graduate, what is your hope of getting a job in a country where millions of youths who have graduated over the years are still job hunting? The chances are very slim and even if you’re lucky and you get a job that pays #100,000 per month, how many years will it take you to be able to pay up the loan having in mind that your salary isn’t even enough to live off with.
Also Note that if you have any dreams of relocating to another country, taking a government loan has limited you from that. So you have to pay up before you even dream of leaving the country, therefore you’re in a bondage.
Citizens in developed countries  who take students loans, graduate and find a good paying job still find it difficult/takes them several years (even up to their old age) to pay up their loans, so what is the hope of an average Nigeria who has no hope of a good paying job to be debt free in no distant time and be able to live their lives comfortably?

Nevertheless, I really do hope there is a long term plan for this and it isn’t a trap to ruin the lives of Nigerian Youths and keep us in Financial Bondage.

Like I said in the beginning, this is my personal opinion.