Professor Emmanuel Osodeke, president of the Academic Staff Union of Universities (ASUU), has suggested that the Federal Government think about providing grants to Nigerian students rather than loans.
Professor Osodeke stated, “The idea of student loans came in 1972 and there was a bank established like this,” during his appearance on Channels TV’s Sunday Politic on Sunday. Some borrowers defaulted on their debts.
“The military started a student loan bale program in 1993, and the law was domesticated in 2004, but only after a year. Therefore, we are interested in how this new law will perform.
“By Nigerian standards, the one billion that would be put in the bank for the loan is nothing. Up to one million students are currently enrolled in universities in Nigeria. I can promise you that 90% of students in public universities are gasping for air. Less than a sack of rice every month for their parents.
Only those whose parents make less than the minimum wage will be eligible for the loan, according to a copy of the statute I found online. Most youngsters won’t be eligible for the loan if both the mother and father are employed and making minimum income, he said.
The money from the federation account, which will be used to pay off the loans, will be preferable, according to Professor Emmanuel, if they provide this group of students, who are extremely poor and don’t make more than N500,000, grants rather than loans.
If combined, this financing source will provide a free solution to the majority of issues.
“If you combine all of this funds, it will equal TETFUND, and the government will be able to make infrastructure investments. Grants will thereafter be given to individuals who qualify.
“We choose at least 10 needy students from each university each year to sponsor. Some of these students, according to what we know, are stuck. All state-level ASUU branches carry out this work, he claimed.
“The Minister had to rush to court to stop us in 2023, but the problems persist.
“The beauty of this new President is that he is cognizant of everything that occurred, from start to finish. One of those to address this problem was the new chief of staff, who was overlooked by the former administration.
“Our hope is that this new regime has an open mind, meets with ASUU, looks at all the issues, and helps resolve them in the interest of Nigerian students,” he said.
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