FG’s Students Loans Act Is Retrogressive, Says Varsity Don

Prof. Adelaja Odukoya of the University of Lagos has picked holes in the Students Loan Act, which President Bola Tinubu signed into law, saying the impact of the Student Loan Act, of 2023 will increase the level of illiteracy.

The Don made this disclosure at a symposium organized by a civil society, Corporate Accountability and Public Participation Africa (CAPPA) which centred on the Nigeria Student Loan Act, 2023 with the theme, “Will Student Loan Increase Access to Public Higher Education in Nigeria” which was held in Lagos.

According to him, Nigeria as a nation had just signed a permanent pact on underdevelopment and backwardness with crime rate increasing, adding that it could trigger disengagement of lecturers at the universities across all boards if the student loan acts signed by the new administration is implemented in the country.

Adelaja added that the student loan Act is an illegality as the Federal Government has not been funding education that intends to be on the path of development.

“Yearly the allocation for education in the National Budget keeps dwindling as Nigeria universities are in shambles.

“Monthly universities are losing lectures as some faculties and departments do not have more than five lecturers,” he stated.

The Executive Director, CAPPA, Akinbode Oluwafemi in his address explained that while the policy on the surface, promises to increase access to public higher education by providing indigent students with interest-free tuition loans, there exist barriers to those at the low ebb to assess the proposed student loan.

“As it stands, the loan only caters for tuition fees even as prospective loan applicants must provide at least two guarantors- Civil servants( minimum grade 12), a lawyer with at least 10 years post-call experience, a judicial officer, or a justice of the peace”

He however queried the number of indigent families that have access to this sort of network, or the resources to cater to the sundry charges associated with tertiary education and the economic downtime and sharp falls.

The civil society pointed out that the policy further marginalizes vulnerable groups especially those from lower socio-economic backgrounds and further reinforces existing social inequalities in the nation’s higher education system.

CAPPA while lauding the efforts of the sponsor of the Aact, Femi Gbajabiamila alludes that the current income gap and restrictive guarantor requirement are stringent and called on the Federal Government to pay attention to the education sector by providing facilities, making provision for research amenities.

The stakeholders decried lack of engagement with relevant bodies by the Federal Government, adding that no study or scientific research was done before the student loan Acts, 2023 was passed.