President Bola Tinubu's recent signing of the Student Loan Bill into law has elicited mixed reactions from various stakeholders in the education sector. While the move is hailed by some as a step towards liberalizing funding for education, both the Academic Staff Union of Universities (ASUU) and the Academic Staff Union of Polytechnics (ASUP) have expressed reservations about the newly enacted legislation.
The Student Loan Act, which was sponsored by the Speaker of the 9th House of Representatives, Femi Gbajabiamila, aims to provide indigent students with access to interest-free loans. The bill, now officially a law, requires prospective beneficiaries to prove their origins to qualify for the loans.
Supporters of the legislation argue that it aligns with global standards and will facilitate easier access to education. Dele Alake, a member of the Presidential Strategic Team, highlighted the importance of the bill, stating that it fulfills one of President Tinubu's campaign promises. The law is expected to establish committees responsible for the efficient disbursement of the loans.
However, both ASUU and ASUP have raised concerns about the student loan program. ASUU's National President, Prof. Emmanuel Osodeke, criticized the legislation for its perceived discrimination between children from rich and poor backgrounds. He argued that burdening economically disadvantaged students with loans and debt upon graduation is unfair. Osodeke further noted that the eligibility criteria, which require a parent's annual income to be at least N500,000, could exclude many deserving students.
ASUP's National President, Mr. Anderson Ezeibe, also questioned the practicality of the repayment terms outlined in the bill. Specifically, he raised concerns about the two-year repayment period after the National Youth Service Corps (NYSC). Ezeibe highlighted the challenges faced by graduates in securing immediate employment and suggested that provisions should be made for those who are unemployed after completing their NYSC.
Contrary to the reservations expressed by ASUU and ASUP, the National Association of Nigerian Students (NANS) sees the student loan bill as a positive step for the country's education system. While NANS commends the government for introducing the loan program to help students whose parents cannot afford tuition fees, they also raised concerns about the repayment terms. NANS questioned the feasibility of repayment when there is a lack of job opportunities for graduates and proposed the need for alternative plans or opportunities for those unable to find employment within two years after the NYSC.
Amidst the debates surrounding the student loan bill, Prof. Ini Uko, a former Deputy Vice-Chancellor at the University of Uyo, expressed support for the initiative. Uko acknowledged that the legislation may lead to an increase in tuition fees but emphasized the importance of diversifying funding sources for tertiary education. He argued that relying solely on government funding is unsustainable and highlighted the benefits of students repaying loans once they enter the workforce.
As the newly enacted law takes effect, the government will need to address the concerns raised by ASUU, ASUP, and NANS regarding the eligibility criteria, repayment terms, and employment opportunities for graduates. The success of the student loan program will depend on ensuring equitable access and creating a supportive environment for loan repayment.