A recent bill signed into law by Nigeria’s President Bola Tinubu to provide students of tertiary institutions loans at interest-free rates has got Nigerians reacting.
The bill which was signed on Monday, 12 June 2023 allows indigent Nigerians easy access to higher education in government-owned tertiary institutions.
It also states that the student applicants’ income or family income must be less than N500,000 (five hundred thousand naira) per annum, defaulters would either pay a fine or be jailed among others.
While stakeholders in the education sector seem divided over the components of the law, some want the federal government to review some of its sections for fear that racketeering, discrimination against indigent parents, and a likely increase in overall tuition fees may cripple the sustainability of the program.
Meanwhile, the President, National Union of Rivers State Students, NURSS, Precious Monmom has lauded the program.
“We consider it as a welcome development,” Monmon said on Nigeria Info’s Morning Crossfire.
Monmon noted the potential of the law to help curb social vices among students in tertiary institutions, stating that some students resort to criminality due to their inability to handle tuition costs.
On his part, Dr. Benjamin Nyewurisa, a lecturer at the Department of Educational Foundation, University of Port Harcourt, described the scheme as “approbating and “reprobating”.
Dr Nyewurisa argued that failure to subsidise tuition cost even after providing the student loan may lead to a hike in the cost of education.
He stated that the scheme may be counter-productive if the amount provided for in the loan is not sufficient to cater for the tuition fee.
However, Monmom is optimistic the law will be favourable to all despite the concerns raised.
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