- Reactions have trailed Nigeria’s Access to Tertiary Education Act, otherwise known as Student Loan Act, as recently assented to by President Bola Tinubu
- The Act, according to the federal government, is aimed at providing interest-free loans to Nigerians seeking higher education
- Some students welcomed the initiative but are wary of possible attempts to increase fees in tertiary institutions
FCT, Abuja – Following the signing of the Student Loan Bill into law, Nigerian undergraduates have reacted to President Bola Ahmed Tinubu’s decision to give the green light to the proposal orchestrated by the Speaker of the 9th House of Representatives, Femi Gbajabiamila (now the chief of staff).
With this bill, the All Progressives Congress (APC) administration intends to provide financial assistance to Nigerian students in tertiary institutions.
Snapshot of Nigeria’s new student loan law
President Tinubu, on Monday, June 12, signed into law a bill that provides interest-free education loans for Nigerians willing to acquire tertiary education.
According to Daily Trust, the Access to Higher Education Act, 2023, otherwise known as the students’ loan Act, establishes an Education Loan Fund to help Nigerians fund their higher education, while they pay in installments, two years after completing their participation in the National Youth Service Corps (NYSC) programme.
The bill, first introduced in 2016 by Gbajabiamila, was reintroduced in 2019. Per Radio Nigeria, it received more attention from the national assembly in November 2022.
The implementation of the student loan is expected to commence in September, This Day reported.
Undergraduates share their thoughts on Nigeria’s new students’ loan scheme
Mixed reactions have trailed the development from all and sundry. Consequently, Legit.ng spoke with some students.
Khadeejah Yusuf, an English Language student at the University of Ilorin (UNILORIN), Kwara state, northcentral Nigeria, feels the scheme will be helpful — albeit with a few reservations. UNILORIN is a federal government-owned university.
“I feel it’s a nice move on President Tinubu’s part, but the conditions attached to the loan ‘choke’, I must say. Concurrently, school fees will be more expensive because the federal government’s part in it has indirectly been cancelled. That’s my little worry”
In a similar vein, Yusuf’s schoolmate, Tawfeeqah Ajetunmobi expressed optimism.
“Well, It’s a very good thing to do. It would help a lot of students sponsoring themselves to school and those whose parents are struggling.
“Hopefully, it will be beneficial as we hope.
“I am not having much expectations (on the present administration), but I pray this goes well.”
ASUU reacts to newly signed student loan act by President Tinubu
Earlier, Legit.ng reported that the Academic Staff Union of Universities (ASUU) reacted to the newly signed Student Loan Act by President Tinubu, stating that many students will withdraw from school.
Speaking with journalists on Wednesday, June 14, ASUU President, Prof. Emmanuel Osodeke, said the Student Loan Act has the potential of sending many students out of school.
FG speaks on introducing tuition fees after President Bola Tinubu signed students’ loan bill into law
Legit.ng also reported that the Ministry of Education said because Nigerian universities lack financial autonomy, the question of whether the new Students Loan Act would introduce tuition fees in public institutions is presently undetermined.
The permanent secretary of the ministry, Andrew David Adejo, said this at a press briefing on Wednesday, June 14, in Abuja.
Disclaimer: This article is provided for general information purpose only and may contain data fetched from third party sources; hence, we do not endorse its accuracy. For more details, kindly visit the Source. Please report any fake news or false statement to Our Support Team. If you are the original owner of this content and wish it to be removed on this platform, kindly forward your request to Our Support Team.