On Monday in Abuja, President Bola Tinubu endorsed the Student Loan Bill, solidifying his commitment to expanding funding for education, as stated by Dele Alake, a member of the Presidential Strategic Team, during a briefing with State House Correspondents.

During his presidential campaign, His Excellency Bola Tinubu pledged to prioritize the issue of student loans. Today, he has fulfilled that promise by signing the bill into law. This new legislation will now enable underprivileged students to obtain loans from the Federal Government to support their educational aspirations and careers, according to Alake.

Certainly, there are specific eligibility criteria in place, such as providing proof of indigenship for individuals seeking to benefit from the program. Alake further explained, "Naturally, committees will be established, comprising representatives from different organizations, to oversee the effective and efficient distribution of these funds." While the bill comes into effect immediately, the application procedures will be determined by the committees responsible for overseeing the process.

The Permanent Secretary of the Ministry of Education, Adejoh, stated that as a result of this development, the existing scholarship board of the Federal Government will undergo a transformation and become a loan board capable of providing educational credit facilities to eligible applicants. He concluded by stating, "With the signing of this bill, no one can claim that lack of funds prevented them from pursuing an education."

In response, the Academic Staff Union of Universities (ASUU) expressed its concern over the loan bill, characterizing it as discriminatory between students from wealthy and underprivileged backgrounds. He stated that the union will issue an official response soon, but pointed out that ASUU has consistently opposed student loans. Osodeke explained that such loans burden students from low-income families with debt after graduation, which he deemed discriminatory. He also highlighted the reported eligibility criterion, stating that the bill appears to only benefit children whose parents earn a minimum of N500,000 annually. This implies that students whose parents earn more than that threshold would not qualify for the loan, furthering the perceived discrimination.

Likewise, Mr. Anderson Ezeibe, the National President of the Academic Staff Union of Polytechnics (ASUP), expressed his reservations about the bill. He stated that he had not thoroughly examined the details of the bill, and therefore, preferred not to provide a superficial reaction. However, he pointed out one aspect that he found impractical. The bill proposes that students should repay the loan within two years after completing the National Youth Service Corps (NYSC). Ezeibe raised concerns about the provision for individuals who are unable to secure employment immediately after completing their NYSC. He also questioned whether all graduates would be able to find employment immediately after their NYSC.

The student loan bill represents a progressive step towards enhancing the educational system in Nigeria. It offers a viable solution by providing financial assistance to students whose parents are unable to afford their tuition fees. This enables students to pay for their education through the loan facility, thereby increasing access and opportunities for those who would otherwise struggle to afford their studies.