Stakeholders in the Nigerian education sector have commended President Bola Tinubu’s assent to the Federal Student loan bill (SLB) into law saying if it is designed to work as in other parts of the world, it would provide funding window to parents and students who may not be able to afford tuition fees in Federal Universities.
The Secretary General of the Committee of Vice Chancellors of Universities in Nigeria, Prof. Yakubu Ochefu, said Nigeria is following the path of the developed nations in the introduction of the policy.
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He added that assent to the SLB means that the tuition free regime that has been in place for over 40 years in federal universities will be jettisoned.
According to him, “If this were to happen the SLB will provide a financial cushion for families that are unable to pay the fees.
“If it is signed to work as in other parts of the world, it is supposed to provide a funding window to parents and students who may not be able to afford tuition fees in Federal Universities.
“It may also mean that the tuition free regime that has been in place for over 40 years will be jettisoned. If this were to happen the SLB will provide a financial cushion for families that are unable to pay the fees.“
Autonomy
According to Prof. Ochefu, the new law on student loans will provide autonomy for universities, he emphasized that this means deregulation of the fee regime.
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The CVC Sec Gen added that University councils will now set appropriate fees for students at different levels and for different programmes.
“It certainly will. It means a deregulation of the fee regime. University councils will now set the appropriate fees for students at different levels and for different programmes. It will mean the cost sharing variables will be interrogated and actual cost structures will determine the cost of university education.“
Prof. Ochefu added that the current cost sharing regime is about 90percent borne by government and if it is deregulated then the universities will set the appropriate cost as it applies to them.
“As you may be aware, the current cost sharing regime is about 90% borne by government. If this is deregulated, then the universities will set the appropriate cost as it applies to them.“
Promise Kept
The immediate past President of the Nigerian Association of Students , Comrade Sunday Asefon, said Nigeria is moving towards international standard of education.
According to him, the federal students loan is synonymous to what is obtainable in the developed countries of Europe ,America and other foreign nations.
He said the President’s action is commendable and it is a welcome development by the Nigerian students.
“Within 3weeks of President Tinubu in office Nigerian students have directly benefitted from his government and this will reduce burden on Nigeria parents, particularly those who do not have parent to send them to school. It will give access to children of the poor. Also those who want to further their education UpTo PH.D level can have access,it will eradicate drop out in university education”
“It is a good news to Nigerian students it shows that Nigeria is moving towards meeting International standard of education ,just as in Europe and America where you have access to loans to education”
“Asiwaju promised during campaign that he will give us student loan, as at that time we taught it was a political statement I was the NANS president then we even thought that he want to use the statement to draw students close to himself so I see it as a gift given to Nigerians on democracy day.“
Implementation
Member of the Civil Society Action Coalition on Education for All, Abdullahi Sale, expressed worry over the implementation of the new Act.
According to Sale, the signing of the law translates to increase in tuition fees of university education, he added that there is a major link between the policy and the tuition fees.
“It is a pregnant situation, my problem is more about the implementation of the policy, it is a good idea but how many people will benefit from it.“
He commended the new law but said that access to the loan constitutes a major challenge to the group of students who genuinely needs it.
“This means that tuition fee will increase and the challenge is how many people will have access to the loan, there is a link between them it is a good policy if people can access it.“
Loan Refund
The CSACEFA focal person further stated that repayment of the loan might also pose a challenge following the unemployment problems facing the country.
“I have a lot of worry on the repayment of the loan because where are the jobs to engage these students when they finish school but let us how the implementation.“
Meanwhile, the newly elected President of NANS, Comrade Usman Baramba is yet to respond to the development.
PIAK
