The Student Loan Bill was signed into law on June 12, 2023, by President Bola Ahmed Tinubu. This law allows Nigerian students to access interest-free loans.
The concept of student loans in Nigeria dates back to 1972 during General Yakubu Gowon’s regime, when the Nigerian Students Loans Board was established. Although the student loan scheme is being implemented now, the Act was recently returned to the National Assembly for further consideration.
Objectives of the Student Loan
The primary objective of the student loan is to provide financial support to qualified Nigerians for tuition and other fees during their studies in approved tertiary institutions within Nigeria. These loans aim to:
– Increase access to education.
– Reduce the financial burden on students and their families.
The introduction of student loans in Nigeria is highly impactful due to its long-term benefits. The repayment terms are manageable, allowing students to complete their education before repayments begin.
1. Increasing Higher Education Enrollment:
– The loans have the potential to significantly increase higher education enrollment rates by reducing financial barriers.
2. Contributing to a Skilled Workforce:
– By promoting education, these loans contribute to the development of a skilled workforce, which is essential for national development.
3. Opportunities for the Less Privileged:
– Student loans provide opportunities for students from less privileged and disadvantaged backgrounds to access higher education.
4. National Development:
– Student loans contribute to economic growth, create responsible citizens, and encourage positive social behavior.
– They improve the standard of living and lead to overall national development.
Conclusion
The student loan scheme is highly beneficial as it leads to increased development, opportunities, and positive impacts. It focuses on making education accessible and affordable for all Nigerians, thereby promoting national growth and development.
Isedu Oshone,
Veritas University,
Bwari, Abuja
