STUDENTS LOAN ACT; A CURSE OR BLESSING

By; Alawode Timilehin Mayowa, U17mm1062.

Following the announcement of the Students Loan Act 2023 by President Bola Ahmed Tinubu on June 12, 2023, many public universities have inflated their fees with 100% to 200% increment rate for the coming session and this has raised the question if the Students Loan Act is a blessing or a curse.


Although, there have been outcry of lack of fund in the part of public universities, which as recalled, was one of the profound issues that made the Academic Staff Union of Universities embarked on incessant strike in Nigeria but with the lackadaisical action of the government there have been prospect of the increment in fees especially as most tertiary institutions need to generate their revenue in other to sustain the universities.

However, the high increment in the school fees especially from the institutions that have implemented the increment such as UNILAG,UNIJ0S,UNIMAID, BUK among others had generated so many questions to know if the immediate and high increment is as a result of the passed Students Loan Act and what exactly the government aims to achieve.


More so, it has been discovered that the idea of the Student Loan Act is not a new thing. Research has shown that the idea was first put in place in 1972, but due to some factors, the act was abused and therefore failed. Also in 1993/1994, there was a military-enacted decree 50 which also set up a Student Loan Board but was later attempted to be implemented in 2004, however, the money was reported to have vanished. With the past attempt and the new implementation, it makes one to wonder if history won't repeat itself.

With the financial situation in the country and lack of increment in salary, will students and their guardians be forced to opt for the students' loan? If minimum wage is thirty thousand naira, how do the poor-masses with less than sixty-thousand-naira income per month (as stipulated by the act) have access to the loan and access to higher education? These questions raised the doubt if the purpose of the scheme is actually in the interest of the people.


Posted at: 2:18pm

Comments

  1. AnonymousAugust 6, 2023 at 4:22 PM

    Nice one. You could have given some details about the proposed loan act and previous ones, to enlighten us better.

    ReplyDelete
  2. AnonymousAugust 6, 2023 at 4:32 PM

    Good piece, for me the loan act is nothing but a curse

    ReplyDelete
  3. AnonymousAugust 6, 2023 at 9:23 PM

    In a country like ours , that work is not assured for us after graduation, this student loan will not work for us or help us in any way..

    ReplyDelete
  4. Waziri MahdiAugust 7, 2023 at 9:04 AM

    To me, this loan is a curse not a blessing

    ReplyDelete

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