By Abdussamad Yahya Sufi
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| Image from NaijaSchools |
In recent times, there has been a buzz surrounding Bola Ahmad Tinubu's proposal for student loans in Nigeria. Some individuals have expressed their satisfaction, believing that Tinubu is making tough decisions for the betterment of education. However, it is crucial to analyze the intricacies of this plan and uncover the truth behind the smokescreen called "Student Loan."
When considering who qualifies for the student loan, the simple answer is: nobody. The eligibility criteria for this loan make it nearly impossible for students to benefit from it. Let's delve into the reasons why this is the case.
Firstly, applicants or their parents must provide tax clearance. While this requirement may not seem entirely unreasonable, it becomes problematic when coupled with the next point.
Secondly, applicants or their parents must have a total annual income of less than ₦500,000. To put this into perspective, earning ₦500,000 per year means that both parents earn less than ₦41,000 per month, which amounts to ₦20,000 each. Considering that the minimum wage in Nigeria is ₦30,000, this renders many individuals ineligible. Even if both parents are working, they would either earn more than ₦41,000 or fall below the minimum wage, making them exempt from paying taxes.
However, the hurdles do not end there. The most significant challenge lies in the fact that these two individuals earning less than ₦50,000 must find a civil service director and a lawyer with ten years of service as guarantors. Can you imagine the difficulty in finding a civil service director, let alone knowing one personally?
Furthermore, the director and lawyer must pledge to pay off the loan in the event of default. This requirement significantly reduces the likelihood of finding a director willing to assume such a responsibility. It is evident that no director would readily take on this surety.
Even after meeting all these stringent criteria, there is still no guarantee of obtaining the loan. The act stipulates that the loan will only be granted when funds are available, leaving applicants at the mercy of an unpredictable system.
In summary, to be eligible for the loan, the combined monthly income of your parents cannot exceed ₦41,000 monthly, or ₦500,000 per year. Moreover, you need to find a director in the civil service who is willing to vouch for you, a task that is incredibly challenging for most. The director must also present their payslip to the bank, assuring them that they will pay the loan in case of default. In reality, finding someone to fulfill this role becomes highly improbable.
Meanwhile, failure to begin repayment within two years after graduation may result in legal consequences, including imprisonment. This poses a significant challenge, particularly for graduates who have not yet completed their National Youth Service Corps (NYSC) obligations.
To compound matters, the recent announcement by the Federal Government stating their inability to continue funding universities implies that tuition fees will rise above the loan amount. This renders the loan even more ineffective, as it fails to address the core issue of increasing education costs.
Therefore, it becomes clear that the student loan proposal by Bola Ahmad Tinubu is nothing more than an illusion, offering false hope to Nigerian students. The stringent eligibility criteria, coupled with the uncertainties surrounding loan availability, make it an impractical and unattainable solution for those in need of financial assistance.
It is crucial for policymakers to re-evaluate their approach and prioritize the implementation of a more inclusive and accessible education subsidy system. By addressing the root causes of financial burdens in education, we can ensure that all Nigerian students have the opportunity to pursue their academic dreams without undue hardship.
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