In recent times, the rate at which Nigerian students quit schooling, later venture into different vices bedeviling the society is highly alarming. These semi-educated youths go out, constitute nuisance in the name of idleness. Most times, they attribute their actions to lack of funds and sponsorship.
The Federal Government of Nigeria, in its drive to address financial constraint affecting students of tertiary institutions, the National Assembly recently passed the Student Loan Bill in order to enable Nigerian students have access loans to provide solution to financial barriers
The bill, which was sponsored by the Speaker of the House of Representatives, Femi Gbajabiamila, was titled:” A Bill for an Act to provide for easy access to higher education for Nigerians through an interest-free loan from the Nigerian Education Bank established in this Act to provide education for Nigerians and other purposes connected thereto.”
The bill seeks the establishment of the Nigerian Education Bank, which will have the powers to administer, coordinate, supervise and monitor the management of student loans in the country.It will also receive applications for student loans through higher institutions in Nigeria on behalf of the applicants and screen the applications to ensure that all requirements for the grant of such loans under the Act are satisfied. Also, the bank shall have the powers to approve and disburse to qualified applicants and ensure compliance in respect of disbursement, and monitor academic records of grantees to obtain information on their year of graduation, national service, and employment to ensure that grantees of the loan commence repayment as at when due, among other functions
According to the Act, all students seeking higher education in public institutions of higher learning in Nigeria shall have an equal right to access the loan without any discrimination arising from gender, religion, tribe, position or disability.
On the repayment plan, the bill recommended that any beneficiary of the loan to which this Act refers shall commence repayment two years after completion of the National Youth Service Corps programme. It also recommended that repayment shall be by direct deduction of 10 per cent of the beneficiaries’ salary at source by the employer and credited to the students’ loan account to be prescribed by the bank.
However, the bill has faced much condemnation criticism, into law as it also recommended two years imprisonment, N500, 000 or both for students who default in repayment or anyone found aiding defaulters. This penalty has made Nigerian students express diverse views on the matter.
Ayobami Eruobami, the Chairman, National Association Of University Students, NAUS, Campus Monitoring Committee, OSUN axis, said that students Loan Bill is not advisable for Nigerian Students as it would pose adverse effects thereafter.
“Unemployment Rate in Nigeria is increasing in percentage daily, We have large amount of graduates who are yet to get a job, So Students who are loaned money to study in higher institutions would not be able to Refund the loaned amount even when they graduate because it’s more than evident that there’s no Job for them”, he added