Osodeke lamented the burden of paying back the loan in a country where jobs are not guaranteed after graduation.
The Academic Staff Union of Universities (ASUU) has asked the federal government to convert the N50 billion budgeted for the students’ loan scheme into grants to students.
President of ASUU, Prof. Emmanuel Osodeke, made the call during a television interview at the weekend
Osodeke lamented the burden of paying back the loan in a country where jobs are not guaranteed after graduation.
Recall that President Bola Tinubu signed the student loan bill into law on June 12.
The law is to provide easy access to higher education for indigent Nigerians through interest-free loans from the Nigerian Education Loan Fund.
Tinubu in October announced that the scheme would commence in January 2024, with the federal government voting N50 billion for the programme in the 2024 budget.
But, the ASUU president said allocating the N50 Billion as grants would have more impact and serve as a humane investment in the education of Nigerian students.
He said: “If the issue is just N50 billion, why can’t we convert that N50 billion as a country like Nigeria to grants for the children of the very poor?
“Let’s give to those who cannot afford it, not give them a loan that becomes a liability for them before they even graduate and are not sure of getting a job.
“We are thinking of the Nigerian people, those who cannot afford it, those children who are in the villages whose parents earn less than N30,000 a month,” he said.
“If it is just about 50 billion, the Nigerian government should give that N50 billion as grants to the students rather than giving it as a loan that will encumber them in the future and could make them start going to crime, to pay for this loan.”
According to Osodeke, such initiatives as student loans had failed twice before.
He berated the conditions attached to the loan, saying it is economically disadvantaged for students in rural areas.
Osodeke said, “In such a country where you easily have access to Jobs after graduation cannot pay it back and they are suffering, or people committing suicide. Is it in Nigeria where the children are sure that even in 10 years, you might not get employment that they can pay back the loan?” he queried.
The ASUU president said he doubted the impact of a N50 billion loan, saying, “How many people will N50 billion go to as a loan?”
“Look at the conditionality, which level 12 officer will sign for the children of the poor in the village to get access to the loan? How much was budgeted this year? —N50 billion…how many people will N50 billion get to as a loan?” he queried.
