Jun 18, 2023 5:21 AM


LAGOS – President Bola Ahmed Tinubu’s recent approval of the Access to Ter­tiary Education Act, oth­erwise known as the Stu­dent Loan Act, may turn out to be a booby-trap for many young Nigerians as­piring to acquire tertiary education, stakeholders in the education sector have warned.

They argue that the signing of the bill into law was hasty, lacked proper deliberations, and ran contrary to the provisions of the Constitution of the Federal Republic of Nigeria that speci­fied that all public institutions in Nigeria are tuition-free.

Recall the Nigerian govern­ment has earlier explained that the Act is aimed at providing interest-free loans to Nigerians seeking higher education.

Part of the conditions set out in the Act limits beneficiaries to children or wards of parents whose annual income is not more than N500,000 (less than $1,000).

Another condition also re­stricts the loan to payment of tuition fees which, as of now, is non-existent across many ter­tiary institutions owned by the federal government.

Also, it stated that the loan, proposed to take off in Septem­ber, is expected to be repaid two years after completion of the National Youth Service.

In his reaction to the Act, the National President of the Academic Staff Union of Uni­versities (ASUU), Professor Emmanuel Osodeke, described the introduction of the Student Loan Act as an action that could put on hold the aspirations of many young Nigerians that are dependent on public institutions to acquire tertiary education.

Acknowledging that the union is yet to have access to the accurate copy of the law signed by President Tinubu, the ASUU President, in a press interview, said it could be a ploy to intro­duce tuition that is non-existent in public federal universities as the government might come up with another Act that will formally introduce tuition fee, saying the move is not new as the union had raised strong objection to it when it was in­troduced by former President Muhammad Buhari.

He said: “A country where more than 133 million are living below the poverty line and you want to introduce tuition fees? It will be counterproductive.

“Every Nigerian should know what is going to happen next and there may likely be an­other bill waiting for signatures that will introduce tuition fees.

“If the bill indicated that the loan is to pay tuition fees and there are no tuition fees in Nige­rian universities, then what is your next approach?”

I Noticed Some People Are Ignorantly Happy About The Student Loan by AntiTerrorist: 9:25pm On Jun 16

I noticed some people are happy about the Student Loan!

Some even said "Tinubu can continue, he is taking hard decisions".

For that reason, I have decided to break down the smokescreen called Student Loan

It's just an attempt to remove "Education Subsidy" without causing an uproar.

Now let's dive in:

Who qualifies for the Student Loan:

The simple answer is: NOBODY.

It's almost impossible for you to qualify for the Student Loan and here is why

1. An applicant or his parents must provide tax clearance: This is not totally bad till you see number 2.

2. The Applicant or his parents must be earning total income less than #500k a year. Now slow down and do the maths:

To earn #500k a year means that the husband and wife are earning less than #41,000 a month. That is #20,000 each

While minimum wage is #30,000

Which means if your both parents are earning, you are automatically disqualified because they are either earning more than #41,000 or they do not pay tax because you cannot pay tax on salary below minimum wage.

3. Now here is the high jump of the Act: These 2 people earning less than #50,000 will now have to provide a DIRECTOR IN CIVIL SERVICE and a LAWYER OF 10YEARS IN SERVICE as Guarantor

Take into consideration, yourself doing good for your self, do you know DIRECTOR in Civil Service?

But that is not the worst part;

4. The Director and Lawyer have to surety that if you default, they will pay the loan!

Do you know what that means? NO DIRECTOR WILL TAKE SUCH SURETY.

But here is the worst part:

5. After you meet all these requirements, will you get the loan? NO!

The act said "Loan will be given when funds are available". In other terms, you are still at the mercy of the system!

In summary:

If you add your father and mother's income monthly, it must not be more than #41,000 a month or #500,000 a year

Your father and mother must look for a Director in Civil Service to Surety your loan!

The Director will send his Payslip document to the Bank saying that if you fail to pay, he will pay. Who will do this one for you?

Did I tell you that the Bank MD will be the one to give approval? Bank MD !

Did I also tell you that if you don't start repaying after 2years of graduation, you will go to jail 😩

Many graduates have not even gone to NYSC in 2years after graduation!

The worst part now is: School Fees will go up above the loan amount because Federal Government has announced that they cannot continue to fund University!

So if you are reading this, you are not qualified for the Loan.

They are targeting to remove educational subsidy and make students pay tuition fees. God pass them.

I was explaining this same thing to a pastor who was celebrating the bill, but he was arguing. I told him to go through the details of the bill and get back to me

Lol.

May the student loan favour me and my family 😕?

Isn't it?

obonujoker:
Lol.

May the student loan favour me and my family 😕?

Isn't it?