ABUJA, Nigeria – President Bola Tinubu has signed the Student Loan Bill into law, marking the second piece of legislation he has signed since assuming office two weeks ago.
The new law, intended to enable indigent students to access interest-free loans for their education, has raised concerns among some educational bodies.
A member of the Presidential Strategic Team, Dele Alake, stated on Monday, June 12, 2023, that the new law was in fulfillment of one of President Tinubu’s campaign promises to liberalise funding of education.
However, the Academic Staff Union of Universities, ASUU, has expressed concerns about the bill, describing it as discriminatory between the children of the rich and the poor.
“The union will react soon but everyone knows our position on student loans because you will end up encumbering the children of the poor with loans and debt after graduating,” said the National President, ASUU, Prof. Emmanuel Osodeke.
The National President, Academic Staff Union of Polytechnics, Mr Anderson Ezeibe, shared similar concerns, questioning the practicability of students refunding the money two years after National Youth Service Corps, NYSC, when job availability is not guaranteed.
Despite these apprehensions, the National Association of Nigerian Students described the student loan bill as a “way forward” in the country’s education system, though they faulted the repayment terms.
Meanwhile, a former Deputy Vice-Chancellor at the University of Uyo, Prof Ini Uko, lauded the initiative, stating that tuition fees will likely increase and that the government can’t continue to fund tertiary education alone.
The exact details of the new law’s implementation are yet to be clarified.
