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ASUU Warns Against Student Loan Scheme, Advocates for Grants and Scholarships

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2 months ago

February 15, 2024

Stella Charles Akupue

ASUU Warns Against Student Loan Scheme, Advocates for Grants and Scholarships

In a recent statement following its National Executive Council meeting, the Academic Staff Union of Universities (ASUU) has vehemently criticized the proposed education loan scheme, warning that it will ensnare beneficiaries in endless debt.

ASUU expressed dismay over unfulfilled commitments by the Bola Tinubu-led administration, which aimed to resolve longstanding issues that led to a nationwide strike from February to October 2022.

The union reiterated its rejection of the Students Loan Scheme, which it believes will deprive public universities of crucial funding. ASUU cautioned that the scheme, advocated by international financial institutions like the International Monetary Fund and World Bank, could divert public funds into private universities owned by politically exposed individuals.

Furthermore, ASUU raised concerns that the student loan scheme would burden promising students with perpetual indebtedness and could fail in Nigeria’s environment characterized by corruption and nepotism.

Instead of the loan scheme, ASUU proposed that state and federal governments invest in students’ futures through grants and scholarships and reintroduce the Needs-Based Budgeting System to enhance university efficiency.

This warning comes amidst plans by the Chief of Staff to President Bola Tinubu, Femi Gbajabiamila, to launch the Federal Student Loan Scheme in the next two to three weeks, as announced during a meeting with a delegation from the National Association of Nigerian Students (NANS) at the Presidential Villa in Abuja.

ASUU’s stance underscores the urgent need for sustainable solutions to funding challenges in the education sector, ensuring equitable access to quality education for all Nigerian students.

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