Nigeria student’s body, the National Association of Nigerian Students, has urged the federal government to extend the repayment plan for the proposed students loan to five years after post-NYSC instead of the initial two years post-NYSC plan.
The body maintained that less than 10 per cent of graduates get absorbed into the labour market within two years post-NYSC, adding that it becomes unrealistic to expect beneficiaries of the loan scheme to begin repayment two years after the completion of the National Youth Service Corps.
NANS President Lucky Emonele, made the proposal on Monday at a public hearing on the repeal and re-enactment of 2024 Students Loans Access to Higher Education Bill 2024 in Abuja.
Whioe commending President Bola Tinubu for responding to the request of NANS, by including its leadership as representatives of the students on the loan board, Emonele also commended the decision to repeal the Act to address grey areas that could hinder the success of the student loan scheme.
According to him, the proposed repayment period of two years post-NYSC for the loan was not realistic, saying that less than 10 per cent of Nigerian graduates get absorbed into the labour force upon completion of their NYSC.
The NANS President, therefore, proposed a minimum of five years repayment duration, given the challenges of unemployment after graduation.
While calling for the provision of study grants for Nigerian students in the Act seeking to establish the Nigeria Education Loan Fund, Emonele also appealed that the provision of a loan scheme should not be a further reason for an arbitrary increment of school fees by the management of tertiary institutions.
He, therefore, urged the National Assembly to pass a resolution that prohibits public tertiary institutions from increasing school fees in the next 10 years, saying it was the only way to sustain the act when enacted.
According to him, there is also a need to make provision for grants for students to enable them to complete or further their studies.
This, he said, would encourage more students to enroll in school and alleviate the burden that may be placed on the loans.
“If the Federal Government, through the Tertiary Education Trust Fund, could earmark N683bn for public tertiary institutions in 2024, without requesting for payback from beneficiary institutions, Nigerian students should not be treated any differently.”
The public hearing was organised by the Senate Committee on Education and TETFUND and the House of Representatives Committee on Student Loan, Scholarship, and Higher Education Financing.
In his words, the Minister of Education, Prof. Tahir Mamman, commended President Bola Tinubu for his passion and commitment to the education sector, stating that the President does not want any child of school age to be out of school, given his passion for education.
The minister said the public hearing would provide an opportunity to make further input to improve the bill for the good of Nigerian students.
