ASUU, has denounced the students loan bill signed into law by President Bola Tinubu, calling the law “Unworkable and Dead On Arrival”.
Prof Gbolahan Bolarin, chairperson of the Federal University of Technology, Minna chapter of the Academic Staff Union of Universities (ASUU), has denounced the students loan bill signed into law by President Bola Tinubu on Monday.
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The academic Don believes that the law is unworkable since the characteristics of Nigeria were not taken into account before passing the bill into law. The problem with Nigeria and similar projects, according to him, is that the leadership seeks to mimic what they see in other nations without taking into account what is available in Nigeria.
He expressed concern that students who get loans may find it difficult to repay them. Due to the high unemployment rate among graduates and the pitiful minimum salary, students who obtain the loan must repay it.
Prof. Bolarin said that ASUU opposed the law from the start since the system is neither practicable nor sustainable, and so “dead on arrival.” The problem in Nigeria is that we copy policies from other countries and want to replicate them in our country without considering the situation here, he said.
Where can I get work in Nigeria? There are graduates from more than 20 years ago who are still unemployed. The issue about this method is that as you repay the loan, another person has access to it.
Assume that the scheme will provide N1m per year. Also assume a student enrolls at FUTMinna and remains for five years. That means you will receive N5 million. What is the guarantee that you will be able to repay it? The current minimum salary is N30,000. Is it doable? ASUU fought against it from the start because of these issues.
There is no doubt about it, this program will not be sustainable. You can see universities raising tuition, more universities will do so as school governing councils explore for methods to fund schools, before you know it, enrolment at public universities will be reduced.
According to the News, the National Assembly passed the law signed by President Tinubu on Monday, 12 June 2023. Femi Gbajabiamila, the former Speaker of the House of Representatives and the President’s new Chief of Staff, supported the bill.
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The legislation calls for the establishment of a Nigerian education bank, which will be responsible for administering, supervising, coordinating, and monitoring the country’s student loan administration.
According to the legislation, the bank is expected to collect student loan applications on behalf of applicants from higher education institutions and screen them.
