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Awaited student loan spike Nigerian concerns

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By Okunloye Abiodun

Failure to fulfil the promise of student loan disbursement has let people down.

The Federal Government’s failure to fulfil its promise of disbursing the highly anticipated student education loan in January has left a group of students and parents feeling let down. President Bola Ahmed Tinubu had previously announced at the Nigerian Economic Summit in October 2023, held in Abuja, that the loan would be initiated for Nigerian students by January 2024. Sadly, this has not come to fruition, resulting in disappointment for many. The president’s assurance is that the populace can rely on his dedication to fulfilling the government’s pledges and addressing the summit report upon its delivery.

Despite previous assurances from the government about the loan’s availability to students, its status remains silent and uncertain. The lack of updates has left the people in a state of unease, while an official from the Ministry of Education requests everyone to remain composed. Euriel Momah, an educator, expressed disappointment regarding the prevalent pattern of empty promises and policies emanating from the government. Of particular concern is the unfulfilled commitment made by the previous administration to provide a financial allowance to education students in federal universities in order to support and motivate them to pursue a career in teaching. Regrettably, this promise remains unfulfilled to this date.

Expensive nature of education nowadays necessitates this initiative.

According to him, the government’s failure to take action to fulfil its commitment to providing meals to school students can be attributed to either its lack of determination and dedication to implement these policies or its insincerity and dishonesty from the outset. In regards to the current administration’s student loan, he expressed further that its arrival is highly anticipated, particularly considering the expensive nature of education nowadays. When this initiative is put into action, it will provide immense respite to Nigerian students enrolled in different tertiary institutions who are grappling with the financial burden of pursuing higher education.

Furthermore, the mentioned proposal holds great potential for driving students towards increased concentration and enhanced achievements. A substantial decrease or elimination of illicit actions and criminal behaviour among certain individuals will likely occur as a result. Nonetheless, Momah maintains his faith in the federal government’s commitment to upholding the student loan scheme. Friday Erhabor, the director of media and strategies at Marklenez Limited, maintained trust in the government’s commitment. He held the belief that the government is actively seeking input from stakeholders, receiving numerous suggestions on the loan’s structure. Consequently, Erhabor remains optimistic that the government thoroughly considers all suggestions and criticisms to refine the terms and execution plan.

Government should not waste time in its implementation.

A student confidently remarked that the government’s aim is to prevent the downfall of this program, as failure would go against their own interests. It is to the government’s utmost advantage to ensure they fulfil their commitment made to an essential segment of the nation’s population. School management wasted no time in raising tuition fees nationwide, according to him, emphasising the urgency for the government to introduce the loan initiative promptly. This way, young individuals would be able to manage their fees amidst the dire economic circumstances.

His cautionary statement emphasised that a failure to fulfil the government’s commitment to the younger generation would reinforce the belief that the government cannot be relied upon. Such a perception is highly undesirable for any governing body in their relationship with the youth. The student loan program was anticipated to open up new opportunities for underprivileged students to obtain an education. However, it has encountered setbacks, resulting in uncertainty for aspiring students and their families. This has left them unsure about their future, as the loan program failed to meet its scheduled January deadline.

Related Article: Uniben lecturer faults new student loan act

On the other hand, Yusuf Sununu, who is the Minister of State for Education, previously announced that he is holding firm on the January 2024 commencement date for the implementation of the student loan. Furthermore, Sununu mentioned the existence of a website catering to Nigerian university students who meet the necessary criteria. Unfortunately, recent occurrences in the situation have revealed that there is a lack of progress in terms of the website’s development or any updates since Sununu’s statement.


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Ask Nigeria
Member
20 days ago

Awaited student loan spikes Nigerian concerns.Failure to fulfil the promise of student loan disbursement has let people down. Express your point of view.

SarahDiv
Member
20 days ago

The delay in fulfilling the promised student loan disbursement is disappointing. The government’s commitment to education should be prioritized for the benefit of students facing financial burdens. Swift action is necessary to uphold trust and support the aspirations of the younger generation.

Taiwo
Member
19 days ago

Expected increases in student loan debt Nigerian issues. – People have been disappointed by the unfulfilled promise of student loan distribution.It is disheartening that the expected disbursement of student loans has not yet occurred. For the benefit of financially burdened students, its dedication to education should take precedence.

Kazeem1
Member
19 days ago

Parents and a number of students have expressed disappointment over the Federal Government’s failure to fulfill its commitment to provide the much-anticipated student education loan in January. The loan was intended to assist a number of pupils. The public’s discomfort and imbalance have been caused by a lack of updates; we require encouraging news.

Adeoye Adegoke
Member
19 days ago

I totally understand the concerns about the student loan situation in Nigeria. It’s really disappointing when promises are made but not fulfilled, especially when it affects people’s education and future. I believe that access to affordable education is crucial for individual growth and the overall development of society. The government should prioritize fulfilling their promises and ensuring that student loans are disbursed in a timely manner. This will not only alleviate the financial burden on students and their families but also contribute to a more educated and empowered population. Education is a powerful tool, and it’s important that everyone has equal opportunities to pursue their dreams and reach their full potential.