By Azeez Sulaiman & Abdulsalam Ibrahim
Of
course, many politicians have campaigned on the pretext of equal access to
education, but few have prioritized this issue since the beginning of the
Fourth Republic. It is commendable that President Tinubu has not only enacted
the Student Loan Act to provide equal access to education but has also made
the loan process smooth enough to remove the barrier of needing connections to
gain access. Once you prove your student profile and apply for the education
loan, your maintenance, and tuition are already covered. In fact, the president
should be awarded for this timely policy. The President should be
commended for giving financially disadvantaged people equal access to
education.
Beyond
equal opportunity, student loans allow students to devote their energy
exclusively to academic pursuits. Due to the financial constraints, most
students face on campus, some often work as vendors in coffee shops, do laundry
for fellow students, etc. In fact, many justify their illegal actions with
their financial inadequacy. These students may be the ones who finance
themselves. It always seems strange to see such students achieving second-class
grades. Imagine how impressive their grades would have been if they had focused
solely on academic and developmental progress. However, those days are gone.
President Tinubu has examined the University environment and given students an
exclusive and plausible solution for their development.
When
I was in my Hundred Level, I had some roommates who always relied on online loans
to supplement what their parents sent them. Aside from that, these people also
worked but were always living in debt because of the high interest rates on online loans. I instinctively know that my friends would be the happiest
students if they got the student loan because it is interest-free. This is
where we understand the law of inflation and deflation in the fight against
Nigeria. In a word, you would be paying back an amount of money that is
worthless compared to what you acquire.
The
student loan system has many advantages, but there is one feature that stands
out and leaves me speechless for a while. The principle of borrowing is that
you lend money to someone you trust. The Nigerian government knows the
unemployment rate in the country better than anyone else. If there is little
hope of the graduates finding a job after graduation, it simply means that they
will not be able to repay the loan and no sensible individual would be eager to
loan money to a hopeless person. The fact that the government offers loans to
students suggests either they trust the students or they are ready to solve the
employment problem. Let me hand the pen to Abdulsalam to see what he thinks
about the government’s thought on the loan.
Yes!
Thank you, Abdul Azeez. You see, when the federal government introduced the
interest-free student loan initiative, it sparked debates about its
sustainability and long-term impact. Skeptics point to the possibility of
financial loss, the likelihood of non-repayment, or even the possibility of
future administrations canceling the loans altogether. However, this initiative
is far more than just a financial exercise; it is a strategic investment in the
nation’s future.
From
my close observation, the benefit of this initiative lies in its ability to
improve Nigeria’s database infrastructure. By 2040 or 2050, this loan policy
would create an accurate, comprehensive record of beneficiaries. This would
provide Nigeria with a robust database that would enable security agencies to
monitor individuals more effectively and improve the security of society. For
example, countries like India have used initiatives such as Aadhaar, a
nationwide biometric database, to revolutionize social welfare distribution and
combat identity fraud.
One
of the most pressing challenges Nigeria faces is the mass emigration of its
talented workforce, often referred to as the “brain drain.” By tying loan repayment
to international travel policies, the government has certainly incentivized
young talents to remain within the country. This approach mirrors Canada’s
International Experience Canada program, which ties work permits and migration
policies to national development goals.
Furthermore,
the loan initiative also has the potential to significantly elevate a portion
of the population into the middle and upper classes. With better access to
education, at least 30% of the current beneficiaries could ascend to positions
of influence, shaping policies, businesses, and the nation’s future. This
projection aligns with trends seen in countries like South Korea, where
education-focused policies helped transition the nation from an agrarian
economy to a global technological powerhouse within a generation.
Reliable
data stemming from this initiative would not only improve governance but also
revolutionize Nigeria’s decision-making processes. Evidence-based policymaking
is the cornerstone of sustainable development. Consider Rwanda’s impressive
economic turnaround, largely attributed to data-driven governance under the
leadership of President Paul Kagame. Similarly, with a strong student loan
database, Nigeria could develop policies tailored to specific demographic
needs, enhancing efficiency and impact.
Beyond
economic and security benefits, this initiative could serve as a unifying
force. By investing in the education of its youth, the government sends a
powerful message about its commitment to equal opportunities. This inclusivity
could foster a stronger sense of belonging and national pride among citizens,
essential for long-term stability.
By
and large, the student loan initiative is not just about education or simply
money in the hands of students to spend lavishly; it is a blueprint for
national transformation. As President Tinubu decides to invest in the youth
today, Nigeria lays the foundation for a more secure, innovative, and equitable
society tomorrow. This policy, if managed effectively, will yield returns far
exceeding its initial costs, paving the way for a prosperous future where every
citizen has a stake in the nation’s progress.
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