President Bola Ahmed Tinubu has been praised by the National Association of Nigerian Students (NANS) for signing the student loan bill into law.
Adejuwon Olatunji, the Coordinator of NANS, Zone D, described the student loan law as a “way forward” in the country’s education system in a statement issued on Monday.
According to Olatunji, the loan system will allow students whose parents cannot afford to pay tuition costs to pay with a loan and reimburse afterwards.
UPDATE: Bola Tinubu Signs Student Loan Bill Into Law
The NANS official, on the other hand, criticized the payback terms, claiming that the deadline for return is unrealistic.
He said: “Without saying much, student loan bill is a way forward to the educational system in Nigeria because it will assist students whose parents cannot afford to pay tuition fees to be able to pay with the loan.
“But as good as this is, there are some questions that need to be answered by the government. The ultimatum for repayment is not feasible. As we all know that there is no work anywhere and most graduates don’t get work immediately, how will they pay back? How will it work when most of our graduates do not get jobs? Is there any plan or opportunity for those that have no work two years after NYSC?”
Seven Important Facts Yo Need To Know About The Student Loan Act
According to newsmen The bill approved on Monday was passed by the National Assembly in November 2022 and was sponsored by Femi Gbajabiamila, the immediate-past Speaker of the House of Representatives and the President’s new Chief of Staff.
The legislation calls for the establishment of a Nigerian education bank, which will be responsible for administering, supervising, coordinating, and monitoring the country’s student loan administration.
According to the legislation, the bank is expected to accept and analyze applications for student loans through higher education institutions on behalf of the applicants.
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