The signing of the student loan bill into law by President Bola Tinubu has generated excitement in some circles.
However, the President of the Academic Staff Union of Universities (ASUU) does not share the same enthusiasm. President Tinubu signed the bill on Monday, June 12, 2023, fulfilling his promise to liberalize education funding.
The bill, sponsored by Femi Gbajabiamila, the Speaker of the 9th House of Representatives, ensures that the loans provided are interest-free. According to Dele Alake, an aide to the president, the student loan law will enable financially disadvantaged students to access government loans for their educational pursuits.
“This is a promise made during the presidential campaign by the then candidate, His Excellency Bola Tinubu, that he will bring back the student loans issue onto the front burner.
“And today, that promise he made has been kept. He has just signed that bill into law, which henceforth would allow or enable our indigent students to access Federal Government’s loans to fund the educational pursuit or career,” Alake said.
“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. This is discriminatory. If what I read online is correct, it said it is only for children whose parents earn at least N500,000 per annum. That means if your father earns more, you won’t benefit,” he said.
However, Prof. Emmanuel Osodeke, the national president of ASUU, is unimpressed by the law's provisions and considers it discriminatory.
He 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?”
