Recall that President Tinubu signed the student loan bill which was initially proposed by the former Speaker of House of Representatives Femi Gbajabiamila, into law on June 12.
The Academic Staff Union of Universities (ASUU) have urged President Tinubu to convert the loans into grants for students because the conditions are too demanding for the common man.
The ASUU National President, Emmanuel Osodeke while addressing the issue yesterday said, "Everyone knows our position on the student loan because it will end up encumbering the children of the poor with loans and debt after graduating. This is discriminatory. If what I read online is correct, it said it is only for children whose parents earn at most N500,000 per annum. That means if your father earns more, you won’t benefit."
"We see a big bobby trap in expecting graduates to commence repayment of the loans after two years of graduation when the evidence before us shows that a large majority of graduates are not guaranteed any form of employment within two years of graduation. This alone endangers the sustainability of the loan scheme."
"This would have been better if we are giving it to those students who are very poor, it should be called a grant, not a loan. It should be called a grant since it is coming from the Federation Account and not that (after) these people have accessed it and when they are graduating, they have heavy loads behind them and within two years, if they don’t pay, they go to jail."
He stated that the union have carried out research on other countries and how the loan works over there and most of the students committed suicide due to their inability to pay the debt. He also added that a significant number of students will not meet the requirements to access the loan.
The Academic Staff Union of Universities (ASUU) have urged President Tinubu to convert the loans into grants for students because the conditions are too demanding for the common man.
The ASUU National President, Emmanuel Osodeke while addressing the issue yesterday said, "Everyone knows our position on the student loan because it will end up encumbering the children of the poor with loans and debt after graduating. This is discriminatory. If what I read online is correct, it said it is only for children whose parents earn at most N500,000 per annum. That means if your father earns more, you won’t benefit."
"We see a big bobby trap in expecting graduates to commence repayment of the loans after two years of graduation when the evidence before us shows that a large majority of graduates are not guaranteed any form of employment within two years of graduation. This alone endangers the sustainability of the loan scheme."
"This would have been better if we are giving it to those students who are very poor, it should be called a grant, not a loan. It should be called a grant since it is coming from the Federation Account and not that (after) these people have accessed it and when they are graduating, they have heavy loads behind them and within two years, if they don’t pay, they go to jail."
He stated that the union have carried out research on other countries and how the loan works over there and most of the students committed suicide due to their inability to pay the debt. He also added that a significant number of students will not meet the requirements to access the loan.