Whereas many Nigerians and mainly students have welcomed the recent signing into law, the Students Loan Act which will enable relatively underprivileged Nigerian students to have access to quality education, experts have pointed out flaws that may hamper easy access and rest of mind during and after use.
Yes, the bill will enable indigent students to access loans at interest-free rates, but the provision that beneficiaries should refund it two years after NYSC has become a serious issue considering the fact that there is no job anywhere waiting for graduates in Nigeria.
Business Hilights recalls that the legislation, sponsored by the Speaker of the 9th House of Representatives, Femi Gbajabiamila, who is now, the Chief of Staff to Mr. President, passed the third reading at the House on May 25, 2023.
In his response, the National President, Academic Staff Union of Polytechnics (ASUP), Mr Anderson Ezeibe, said, “I have not studied the bill and we don’t want to react on the surface. But I have seen one area that will not be practicable.
“It says that students should refund the money two years after NYSC. But what is the provision for someone who is not working after NYSC? And will they all get jobs immediately after NYSC?”
In a statement made on Monday, the Cordinator, NANS, Zone D, Mr. Adejuwon Emmanuel, however, faulted the repayment terms, saying “Without saying much, student loan bill is a way forward to the educational system in Nigeria, because it will assist student whose parent cannot afford to pay tuition fee to be able to pay with the loan.
“But as good as this is, there are some questions that need to be answered by the government. The ultimatum for repayment is not feasible. As we all know that there is no work anywhere and most graduates don’t get work immediately, how will they pay back? How will it work when most of our graduates do not get jobs. Is there any plan or opportunity for those that have no work two years after NYSC?”
These questions should need a review of the Act as soon as possible.
