The Academic Staff Union of Universities (ASUU) is advocating for the conversion of the allocated 50 billion naira for the student loan scheme into grants.
ASUU President Emmanuel Osodeke expressed concerns about the financial burden on graduates in a job-unstable country and emphasized the need for a more impactful and compassionate investment in education.
Despite the student loan bill being signed into law by President Bola Tinubu, ASUU suggests redirecting the funds towards grants for economically disadvantaged students.
Osodeke highlighted the potential hardships faced by those unable to secure jobs post-graduation and questioned the effectiveness of past student loan initiatives.
Citing the socio-economic challenges, Osodeke emphasized the importance of providing financial support as grants to students from low-income families, rather than burdening them with loans that may lead to future difficulties and potential involvement in illicit activities to repay the debt.
ASUU raised doubts about the effectiveness of a 50 billion naira loan, questioning the number of students it would benefit and expressing concerns about the conditions attached to accessing the loan, especially for students in rural areas.