"It's More or Less a Greek Gift": Lecturers React to Newly Signed Student Loan Act, Give Suggestions

"It's More or Less a Greek Gift": Lecturers React to Newly Signed Student Loan Act, Give Suggestions

  • Reactions have continued to trail the decision of President Bola Tinubu to sign the Student Loan Bill into law
  • Lecturers in tertiary institutions have argued that repaying the loan might be a problem because of the country's high rate of unemployment
  • They suggested that the federal government should have given grants, bursaries, and book allowances to students instead of loan

The recently signed Student Loan Act by President Bola Ahmed Tinubu has generated so much reaction from Nigerians, from students to parents, lecturers, and even the Academic Staff Union of Universities (ASUU).

President Tinubu had on Monday, June 12 signed the Student Loan Bill into law to help indigent students go through tertiary institutions.

Students loan bill/ Tinubu signs student loan bill/ Lecturers react to students loan
Lecturers say the student loan act is "more or less a Greek gift". Photo Credit: Asiwaju Bola Ahmed Tinubu
Source: Facebook

The reactions have covered both the positive and negative sides of the act and suggestions on what the Tinubu administration could have done for students instead of planning to give out loans.

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Legit.ng reached out to some lecturers in tertiary institutions across the country to get their take on the act.

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Why It might to be difficult for students to repay the loan

Dr. Abraham Tegbe, a lecturer at the Polytechnic Ibadan in the Oyo state capital, applauded President Bola Tinubu for his plans for indigent students.

However, he was uncomfortable with the stringent steps in accessing the loan and the repayment after the completion of their studies.

Tegbe explained that the high rate of unemployment in the country might be a big hindrance for those who might be able to access the loan.

He advised that instead of a loan, the government should have given bursaries, book allowances, and other incentives that do not require repayment.

“I will prefer that government makes grants available, no matter how small for every student, rather than giving a loan that they might not be able to access.

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“In the past, there used to be bursaries, and book allowances and all these were grants. If the government can provide all these, it will be better than a loan which they are planning to give.”

Another lecturer at the Federal University Oye-Ekiti, Ekiti state, Wole Balogun, shared the same worry about the repayment of the loan after studies.

He commended the government for the plan to help indigent students go through school with loans but raised concerns about the high rate of unemployment in the country.

“The loan repayment might be a problem because of the high rate of unemployment in the country. The students are not guaranteed any job after completion of their studies to help repay the loan.
“A striving economy and massive investment in education to produce graduates who are creators should be considered alongside the loan.”

A lecturer at the Nnamdi Azikiwe University, Awka, Anambra state, who spoke on condition of anonymity, said the loan repayment will cause a big problem.

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The lecturer is of the opinion that if university are well funding by the government, there won't be need for the loan because tertiary education will be affordable.

He wondered how the government expect the students to pay back when a lot of university graduates are unemployed.

The lecturer called on the government to fund university and reform the education system, adding that giving out loan is not the solution.

He advised prospective-loan takers to make sure they fully understand all the conditions before accepting it.

"The loan is more or less a Greek gift. You increased school fees and give interested students the money to be paid after graduation where there is no job for them to repay the loan (even without interest). It is a wicked business which will compound more pressure or problem for the labour market."

Persons with criminal records, 4 other categories cannot access President Tinubu’s student loan

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In a similar story, Legit.ng had reported that expectations of parents and students alike to acquire tertiary education have been high since the day President Bola Ahmed Tinubu, on Monday, June 12, signed the Students Loan Bill into law.

The Students Loan Bill was the third of its kind that President Tinubu had signed since assuming office on Monday, May 29.

However, not all students are eligible to access the loan.

“Students Will Pull Out of School”: ASUU reacts to newly signed student loan act by President Tinubu

Legit.ng also reported that the Academic Staff Union of Universities (ASUU) has reacted to the newly signed Student Loan Act by President Bola Ahmed Tinubu, stating that many students will withdraw from school.

President Tinubu had on Monday, June 12, signed the Student Loan Bill into law to help indigent students go through higher education.

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“People Who Took Loans Never Paid”: ASUU advises President Tinubu to convert student loan to grant

The President of the Academic Staff Union of Universities (ASUU), Prof Emmanuel Osodeke, has urged President Bola Tinubu to convert the newly signed Students Loans Act to grants for disadvantaged students in the country.

President Bola Tinubu had on Monday, June 12, signed into law the Students Loans Bill to provide interest-free loans to poor Nigerian students to study in tertiary institutions.

Source: Legit.ng

Authors:
Adekunle Dada avatar

Adekunle Dada (Politics and Current Affairs Editor) Adekunle Dada is a journalist with over 5 years of working experience in the media. He has worked with PM News, The Sun and Within Nigeria before joining Legit.ng as a Politics/Current Affairs Editor. He holds a B.Sc. in Mass Communication from Lagos State University (LASU). He can be reached via adekunle.dada@corp.legit.ng.

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