The President of the National Association of Nigerian Students (NANS), Usman Barambu, has called on the House of Representatives to amend the Students Loans Act, to allow all Nigerian Students who desire the loan to have access.
NANS also wants the House to include student representation on the board and capture Polytechnics and Colleges of Education on the board instead of only the National University Commission (NUC) which was earlier captured.
This was the submission of the apex student union body at the Legislative Summit on Student Loans and Access to Higher Education held by the ad-hoc committee on student loans on Thursday in Abuja.
According to Barambu the criteria for access to loan in the current act was too stringent.
Also, the method of payment of 2 years was too short and should be reviewed to at least 4 to 5 years.
He also suggested that the list of guarantors to access the loans be looked into, as most students will not be able to meet the guarantors’ requirements.
He said: “Student loan is for us and there is no student representation on the board. The board only captured NUC sidelining the polytechnic and colleges of education. They should all be included for fairness and equity.
“Also the method of payment should be looked into as most students are not able to find their ground financially two years after graduation, it should be revised to 4 to 5 years. The act also gives no room for forgiveness in cases of death, especially for security officers. That should also be looked into” he said.
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Also speaking at the summit, the representative of the Registrar of the Joint Admissions and Matriculation Board (JAMB), Professor Is-haq Oloyede noted that the student loan represents a turning point in the history of higher education in Nigeria.
Oloyede tasked the lawmakers on the feasibility of the loan covering other areas.
He stressed the need to review the Act to cover the cost of other things beyond school fees as students now pay more for accommodation, feeding and transportation.
JAMB also canvassed the development of a conducive environment for the repayment of the loan even as it noted that the Act should be calibrated to factor in market instability, inflation pandemics and force major.
Another recommendation by JAMB was that the loan should not be one amount at all times adding that guarantees should be inserted so that it will be above inflation.
JAMB however urged parliament to develop an accountability framework for the loan and called for measures that would guarantee its sustainance.
Student loans project
On his part, the Chairman, Federal Inland Revenue Service (FIRS) Muhammad Nami, reiterated the commitment of the FIRS to working with the parliament on the student loans project.
The revenue collection body maintained that as soon as the mandate is given, the funding will be made available.
The body however expressed concern about the 1% federal government revenue meant for the funding and suggested that instead of federal allocation, only the parliament should seek amendments that will allow the funding to be drawn from a federation account where all states can contribute too.
Emmanuel Ukoh
