The President of the National Association of Nigerian Students (NANS), Usman Barambu, has appealed to the House of Representatives to revise the student loan act to provide all Nigerian students desiring loans with access to them.
Barambu’s request also included a plea for student representation on the board and for the inclusion of Polytechnics and Colleges of Education on the board, not just the National University Commission (NUC) as currently stipulated.
Addressing the legislative summit on student loans and access to higher education convened by the ad-hoc committee in Abuja, Barambu criticized the stringent criteria for loan access defined by the current act.
He also called for an extension of the repayment period from 2 to 4 or 5 years. Barambu further urged for a review of the list of guarantors required for loan access, as many students may not be able to meet the current requirements.
Barambu stressed that student loans should be more inclusive and fairly represented.
He voiced concerns about the current method of payment and eligibility criteria and called for reforms that cater to the financial realities students face after graduation.
The JAMB registrar, Professor Is-haq Oloyede, also addressed the summit through a representative, emphasizing that student loans are pivotal for higher education in the 21st century.
Oloyede called for the expansion of the loan to cover other expenses beyond tuition, such as accommodation, feeding, and transportation.
He urged the creation of an environment conducive to loan repayment, considering market fluctuations and other uncertainties.
JAMB also proposed that the loan structure should adapt to inflation, and mechanisms should be in place to guarantee its sustainability.
The Chairman of the Federal Inland Revenue Service (FIRS), Muhammad Nami, affirmed the commitment of FIRS to collaborate with the parliament on the student loans initiative.
However, he expressed concerns about the funding model and recommended drawing funds from a federation account, with contributions from all states, rather than relying solely on the 1% federal government revenue allocation.
The Deputy Speaker, Rep Benjamin Kalu, representing the Speaker of the House, highlighted the importance of quality education for the nation’s development.
He emphasized the significance of the Student Loan Act in providing equitable access to education and addressed the concerns raised about the conditions for accessing loans.
Kalu stressed that the summit aimed to gather input from stakeholders to enhance the Act’s effectiveness.