Student loan program is not sustainable - ASUU In order to provide low-income students with access to higher education, the Nigerian Union ...
Student loan program is not sustainable - ASUU
In order to provide low-income students with access to higher education, the Nigerian Union of University Teachers (ASUU) has urged President Bola Tinubu to amend the law on student loans that he approved to a scholarship.
The ASUU president said that it is impossible to have student loan debt in an interview with Channels TV on Sunday. He asserted that providing loans for education "won't last."
According to Professor Emmanuel Osodeke, "The concept of offering student loans came in 1972 and was a part of the business of established banks."
You can go and check, he said, but the folks who took the loan never paid. The military formed a student loan bureau by passing Military Law No. 1 in either 1994 or 1993. Then, in 2004, Parliament restructured it, and a year later, it was dissolved. The money vanished. We're interested in how this will differ.
He claims that there are over a million students in Nigeria's public colleges, and the loan is insufficient to pay for their education.
In order to keep his campaign pledge, President Tinubu signed the Student Loans Act on Monday.
The duty of introducing the law's resolution in Parliament was assumed by Femi Gbajabiamila, Speaker of the 9th House of Representatives and current Chief of Staff of the Presidential Palace.
The law stipulates that low-income students in Nigeria may receive loans with no interest.
