Recently, President Bola Ahmed Tinubu signed into law the Student Loan Bill. The initiative is geared towards providing interest-free loans to Nigerians seeking higher education through Students Loan Fund (SLF).

The bill, which was first introduced in 2016 as part of measures towards addressing the funding gaps in the country’s tertiary education, was sponsored by Femi Gbajabiamila, the immediate-past speaker of the house of representatives and newly appointed chief-of-staff.

The establishment of an education bank as aided by the bill will provide students of Tertiary institutions with loans starting September, 2023 with repayments to begin after graduation as promised by the president in his manifesto prior the election.

“We will institute a pilot student loan regime…this will expand access to education to all Nigerians regardless of their backgrounds,” he had written in his manifesto titled ‘Renewed Hope’.

“At the same time, this will give institutions the ability to charge more cost-reflective tuition fees. Because of the current employment rates and other conditions, the loan program will have a maximum limit any student may borrow and must have flexible repayment provisions.”

Poor funding has been an issue that public tertiary institutions have been struggling with. The frequent strikes by the Academic Staff Union of Universities (ASUU) strikes are of that problem.

The budget for education in 2022/2023 was N1.18 and N1.79 trillion respectively which falls below the annual education budget standard set by UNESCO for developing nations.

Read More: https://www.crispng.com/student-loan-bill-game-changer-for-youths-or-disaster-in-disguise/

The evil minded person can never dream up good things.

Nigerians should be wiser by now.

Hopefully we will

The main challenge about the loan is the mindset of many who already have the intention that they will not pay even if the have the best job on earth.

How do you explain why so many who the government of Nigeria both on State level and Federal sponsor them abroad to go study with the agreement that they will pay back not in cash but service to the nation. Majority do not come back home, they navigate their way afterwards far away.

Paying back the loan is very easy if you really intend to but majority will not want to pay back even if the have jobs.

The Federal Govt has come up with something very beneficial.