It's no longer news that the Federal Government under president Tinubu has officially approved the student loan scheme, whereby students would be able to access government loans and pay upon graduation once they're able to secure jobs.

Now let's look at it realistically. Cos we were told that the loans would be made available to Federal and state University students, Federal and state Polytechnic students and federal and state college of education students.

There are about 43 Federal Universities in Nigeria.

And there are about 48 State Universities as well.

There are 37 Federal Polytechnics

And about 51 State Polytechnics.

I didn't bring colleges of education into this calculation.

Let's focus on the Universities for now...43 Federal Universities plus 48 State Universities would give us a total of 91 government universities.

If we have an average of 10,000 (ten thousand) students per institution, it means that for 91 institutions, we'll have a total of about 910,000 students in all government universities across the country.

With the removal of subsidy on tuition fees, if you're to break down the total expenses of a student per academic session, it's definitely going to be more than a million naira. Why?

1. Universities would ensure that the amount you pay for tuition fees, would be able to cover up for the subsidized amount the government would no longer be paying to them. So students should expect anything from 700k upwards.

2. VCs would bring up a handful of useless fees just to extort students the more, thereby making federal and state universities more expensive than private.

3. Prices of lodges would triple cos landlords would believe that you're on student loan so you have money.

4. With the fuel subsidy removal, transportation and feeding would triple, making you spend more.

5. Cost of photocopy, printing, scanning...etc, would triple as well making your IT, Seminar and Project cost look like marriage list.

So by the time you add all these expenses, you'll discover that even 1m wouldn't be enough for you for a complete academic session.

The government has been telling us that they're broke, so how do they intend to fund this project?

Now according to the loan agreement, you're to bring a guarantor who's at least a grade 12 civil servant. Question is how many people with such status would agree to stand in as guarantor for a Nigerian student to access government loans for 4-5 years, knowing fully well that anything can happen to the person in the cause of those years, thereby making them responsible for servicing a loan they didn't take.

Therefore finding a guarantor would be a Herculean task unless your parents decides to stand on your behalf. Then in situations where both parents are poor or dead, what happens to the poor student. So he or she wouldn't go to school cos he couldn't provide a guarantor?

So let's say about 25% of the total applicants are able to meet up with the criteria, and accessed the loans, using 1m as average amount given by the government.

So 25% of 910,000 total students would give us 227,500 students.

227,500 students x 1,000,000 naira loan = 227,500,000,000. (two hundred and twenty seven billion five hundred million naira)

Note. This is just for universities, we haven't added Polytechnics and colleges of education yet.

If the Federal Government starts paying over 200bn yearly to University students as loans, The question is how long can they sustain it?

Ordinary SIWES which is for just science and engineering faculties I did in my 300l, I got paid after my NYSC. Infact I've already forgotten about the money when I got the alert one faithful day.

Secondly, how do they expect the remaining unlucky 75% to cope with the newly inflated fees? You removed subsidy on tuition fees knowing fully well that minimum wage is still below 50k is that a wise decision?

How do they expect the struggling ones amongst them to cope? Wouldn't it be safe to say that sooner or later education would be strictly for the rich in Nigeria?

Then for the lucky 25% who were able to access the loans, what guarantee do they have that upon graduation they'll get jobs, knowing how difficult it is to get a job in Nigeria today. What if they sneak out of the country for greener pastures?

What if they die, in the case of deaths, what happens? Is there any system on ground for the government to recover back their money?

I don't hate Tinubu, but I don't see anything good coming out of this student loan project.

Cc Seun
Mynd44
Nlfpmod
Mukina2
Dominique

Why una no ask chatGPT this time for the answer just like as you asked the robot about the 25% in Abuja.

Being an opposition don't mean you should oppose everything

I get all your points, Let's just call it an attempt by the president, it's left for us to also make an attempt though it is not easy and surly will not work for many.
Please let us always think positive thank you.

In the US student loans were introduced to force able bodied young men into the military. Join the military, have your loans written off.


Tilumbu will force students to join NURTW to get their loans written off.

helinues:
Why una no ask chatGPT this time for the answer just like as you asked the robot about the 25% in Abuja.

Being an opposition don't mean you should oppose everything

Oga this isn't an opposition. I'm just stating the obvious reality.

I'm not a slave who nods his head like an agama lizard just because I'm being fed with some crumbs of bread, I'm a tax paying Nigerian so I believe I have every right to object if I feel that a particular government project wouldn't benefit the average Nigerian on the long run.

VeryWickedMan:
In the US student loans were introduced to force able bodied young men into the military. Join the military, have your loans written off.


Tilumbu will force students to join NURTW to get their loans written off.

Lol...@NURTW. You're truly a very wicked man.

Nazgul:
It's no longer news that the Federal Government under president Tinubu has officially approved the student loan scheme, whereby students would be able to access government loans and pay upon graduation once they're able to secure jobs.

Now let's look at it realistically. Cos we were told that the loans would be made available to Federal and state University students, Federal and state Polytechnic students and federal and state college of education students.

There are about 43 Federal Universities in Nigeria.

And there are about 48 State Universities as well.

There are 37 Federal Polytechnics

And about 51 State Polytechnics.

I didn't bring colleges of education into this calculation.

Let's focus on the Universities for now...43 Federal Universities plus 48 State Universities would give us a total of 91 government universities.

If we have an average of 10,000 (ten thousand) students per institution, it means that for 91 institutions, we'll have a total of about 910,000 students in all government universities across the country.

With the removal of subsidy on tuition fees, if you're to break down the total expenses of a student per academic session, it's definitely going to be more than a million naira. Why?

1. Universities would ensure that the amount you pay for tuition fees, would be able to cover up for the subsidized amount the government would no longer be paying to them. So students should expect anything from 700k upwards.

2. VCs would bring up a handful of useless fees just to extort students the more, thereby making federal and state universities more expensive than private.

3. Prices of lodges would triple cos landlords would believe that you're on student loan so you have money.

4. With the fuel subsidy removal, transportation and feeding would triple, making you spend more.

5. Cost of photocopy, printing, scanning...etc, would triple as well making your IT, Seminar and Project cost look like marriage list.

So by the time you add all these expenses, you'll discover that even 1m wouldn't be enough for you for a complete academic session.

The government has been telling us that they're broke, so how do they intend to fund this project?

Now according to the loan agreement, you're to bring a guarantor who's at least a grade 12 civil servant. Question is how many people with such status would agree to stand in as guarantor for a Nigerian student to access government loans for 4-5 years, knowing fully well that anything can happen to the person in the cause of those years, thereby making them responsible for servicing a loan they didn't take.

Therefore finding a guarantor would be a Herculean task unless your parents decides to stand on your behalf. Then in situations where both parents are poor or dead, what happens to the poor student. So he or she wouldn't go to school cos he couldn't provide a guarantor?

So let's say about 25% of the total applicants are able to meet up with the criteria, and accessed the loans, using 1m as average amount given by the government.

So 25% of 910,000 total students would give us 227,500 students.

227,500 students x 1,000,000 naira loan = 227,500,000,000. (two hundred and twenty seven billion five hundred million naira)

Note. This is just for universities, we haven't added Polytechnics and colleges of education yet.

If the Federal Government starts paying over 200bn yearly to University students as loans, The question is how long can they sustain it?

Ordinary SIWES which is for just science and engineering faculties I did in my 300l, I got paid after my NYSC. Infact I've already forgotten about the money when I got the alert one faithful day.

Secondly, how do they expect the remaining unlucky 75% to cope with the newly inflated fees? You removed subsidy on tuition fees knowing fully well that minimum wage is still below 50k is that a wise decision?

How do they expect the struggling ones amongst them to cope? Wouldn't it be safe to say that sooner or later education would be strictly for the rich in Nigeria?

Then for the lucky 25% who were able to access the loans, what guarantee do they have that upon graduation they'll get jobs, knowing how difficult it is to get a job in Nigeria today. What if they sneak out of the country for greener pastures?

What if they die, in the case of deaths, what happens? Is there any system on ground for the government to recover back their money?

I don't hate Tinubu, but I don't see anything good coming out of this student loan project.

Cc Seun
Mynd44
Nlfpmod
Mukina2
Dominique

Any sensible Nigerian would easily agree with me that from 1999 till date the government doesn't consider the common Nigeria when making policies. As long as it favours them and their cronies they don't care about the masses.

The problem with this current administration is that a section of the people are blinded by tribalism, so whatever the government does is ok by them. Even when they know it's wrong and would bring more hardship on the people including them. They still wouldn't speak up.

It's a pity we've gotten to this level.

Like I said on the other thread; it only makes sense that the loans are introduced because subsidy would be stopped. Although I didn't reason as far as you did.