The President of the National Association of Nigerian Students (NANS), Usman Barambu, yesterday called on the House of Representatives to amend the Student Loans Act to allow all Nigerian students who desire loans to have better access.
They have requested that the House includes student representation on the board and capture Polytechnics and Colleges of Education on the board instead of only National University Commission (NUC) which was earlier captured.
Barambu at the legislative summit on students loan and access to higher education held by the ad hoc committee yesterday, he said criteria for access to loan in the current act was too stringent, adding that the method of payment of two years was too short and should be reviewed to at least between four and five years.
He also stated that the list of guarantors to access loans to be looked into and that most students will not be able to meet the guarantors requirement.
“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 from four to five 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.
The JAMB registrar Professor Is-haq Oloyede, who was represented at the summit, noted that the students loans represent a turning point in the history of higher education in Nigeria, in the 21st century.
Oloyede, while urging the lawmakers that the feasibility of the loan cover other areas, emphasised the need to review the Act to cover cost of other things beyond school fees as students now pay more for accommodation, feeding and transportation.
The JAMB boss noted that the Act should be calibrated to factor in market instability, inflation pandemics and force major and that the loan should not be one amount at all times, adding that guarantees should be inserted so that it will be above inflation.
He further urged the parliament to develop an accountability frame work for the loan and called for measures that would guarantee its sustenance.
The Chairman, Federal Inland Revenue Service (FIRS) Muhammad Nami, while responding said that the FIRS is committed to working with the parliament on the students loans project and that as soon as the mandate is giving, the funding will be made available.
The FIRS boss further expressed concern about the one per cent 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.
The Speaker of the House, Hon. Abbas Tajudeen, represented by the Deputy Speaker, Hon Benjamin Kalu, said that the summit, which was aimed at addressing the issues emanating from the Students Loans Act 2023, said it is a law that promotes more equitable access to quality higher education for our children.
Kalu said: “Education is integral to the development of any nation, and no country can afford to toy with the future of its young people. The legislature, as you know, plays a crucial role in providing access to quality education in the country.
“Our role in this regard is multifaceted. It involves enacting laws and policies that govern education, allocating resources, and overseeing the implementation of these policies and laws as well as the utilization of appropriated funds.
“Through these actions, the legislature contributes significantly to creating an enabling environment for quality education and ensuring that the right to education is upheld for all Nigerians.
“In this respect, the Student Loan Act is a transformational piece of legislation. This is quite critical given that education is considered a fundamental right in Nigeria. The legislature as custodians and defenders of citizens’ rights, play an essential role in safeguarding this right. This informed the initiation and passage of the Student Loan Act by the 9th House of Representatives.”
Kalu further said: “The purpose was to create seamless access to credit facilities for quality higher education. The legislation finds its relevance in the recognition that one of the key barriers to accessing higher education is the high cost associated with tuition fees, accommodation, textbooks, and other educational expenses.
“Many talented and deserving students are unable to afford these costs, leading to a significant disparity in educational opportunities. As a result, we are witnessing a situation where only a privileged few can access quality higher education while the majority struggle to make ends meet contrarily, we cannot afford to have majority of our citizens uneducated.”
