Reconsideration Of Section 18 Of The Student Loan Act -By Raji Usman Amao

The Student Loan Act signed by President Bola Ahmed Tinubu last week has caused frenzy all over the country and it is due to non-consultation to the general public to seek their opinion on whether to sign the bill or not(that is the subject matter for another day). The proletariat class known as ‘Masses’ has cried out and vehemently kicking against the Act that it is not in favour of the poor but the ‘Bourgeosis’ the wealthy class, reason being that no amount of money will be disbursed the Elites Children still yet have access to it.

Now, scheming through Section 18 of the Student Loan Act that provides for the Eligibility of the applicants and sensed out something that majority of the Nigerian students will drop out due to the stringent condition place on it if you want to apply and S.18 of the Act thus reads:

18(1) Students applying for loan under this Act must apply to the Chairman of the Bank through their respective institutions upon satisfaction of the following conditions;

(ii) Applicants income or family must not less than N500,00(five hundred naira per annum)

(iii) Applicants must provide at least two guarantors; each of the guarantors must be a Civil servant of not less than kevel 12years in service or a lawyer with at least ten years (10) post call experience; a judicial officer; or a justice of peace.

Invariably the Section will bring ambiguity and confusion to the laymen who does not discern it thought that it is formalities to steal the gaze of the polities, and the conflicts that the section will leads are to wit:

– It will shortened the chance of the less privileged to have access to the loan because of the stringent condition attached to it
– The income earners in Nigeria are not earning up to 15% of the money required that the surety of the said candidate should be as his or her guarantors. This will truncate the plan in striving for upkeep of their daily bread.
– The standard of living is very high due to the inflation in price of the commodities or goods in the market, the price of petrol is hiking day in day out making it difficult for people to made it out.

I vehemently did not corroborate with the said section quoted above because it outlive the poor man’s income or shortage of the income that is not up to the expectations. And I appeal to the President to revert back to the Section and make repealing of it to make it equal with the rich and the poor , this will serves as the bridge gap between the rich and poor to enjoy access to the education in Nigeria.