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President Tinubu Signs Student Loan Bill Into .
This bill is a welcoming develop as we use to hear about such only in Western countries and a very few African countries, and am convince that some many other African countries would be influenced to follow this same road map as a way to encourage those with passion for education but doesn't have sponsor to go to school.

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On the other hand, it shouldn't just be like one of those other many bills we have had in the past that is dormant and being swept under the carpet without it effect being felt by those the bill is intended for. Let there be available and easy means as to any students that's interested and in need of such educational loan to fund his education and there should be made a working means of punishment or consequences to any bank that may want to deny any student that have passed through the appropriate corridors necessary to be eligible for such loan. Cause from what we have all seen in the past, it's not about signing in bills into law but promulgating it to meet the purpose for which it was made to exist.

What's your take on this development?

It is a very welcome development but I still feel they signed the right bill at the wrong time. Instead the issue of massive unemployment should be tackled first before initiating this. What’s the essence of finishing the school with the loan taken without a means of paying back after school? Does that makes sense?

The loan will be paid back after the person is employed. If what I watched about it is true, the loan payment will be spread over years, probably in a way that will be convenient for the borrower.

I agree about the issue of unemployment. But it is good to have education than to remain illiterates.  If we are not literates, we will not be on this forum to engage in world discussion about bitcoin and cryptocurrencies in general. Also in making money, there are many Nigerians that do not rely on government and private jobs today. Online jobs in Nigeria have increased and education helps too. So, student loan for students is better than nothing at all.

What I see about this is if the federal government will continue this, because inflation persistent in Nigeria and naira do devalues. In short, what I am implying is that the amount of naira borrow will be higher in value than the amount that will later be paid because of inflation and naira devaluation. But implementing it is very good.

It’s a welcome development seriously, this seems more like a better initiative than free school policy because with this you have an entitlement or obligation and not just going to school without putting in effort to get good grades or graduate just because it is free. With it being a loan the government will definitely have to take responsibility of finding job for the citizens they are fully aware that it is the only way to pay back.

My biggest fear now it is execution because almost everything in Nigeria even those meant for the less privilege are most at times hijacked by the higher class or they would request for tip off before granting them the law. So I think the government shouldn’t just set up a central office just yet. The approval should come from each school. When a student can’t get funds to register for a session then the school should be in a position to grant him that loan. This will maybe reduce the number of student that could request for this loan and probably not still in academic year either through graduations or have been expelled out of the school.

It is a very welcome development. My only concern is how they intend to put it into implementation knowing that many such other development has been exploited in the past to the detriment of the masses. Again, government do not have enough data about its citizenry to enforce the repayment plan, if at all they get the implementation right. How do they intend to collect the money back from a graduate who is now working in the private sector and remotely? How will they know that the person now actually has a job that can pay back the loan?

I’m not sure about the employment status before the person can pay back the loan but the repayment of the loan will commence two years after NYSC. I just hope employment is readily available for such graduates within the two years after NYSC, so that they can pay back on time and the process remains swift for the betterment of all Nigerian students.


Before the bill was being passed it must have a passed a lot of scrutiny by top officials and the president  is already briefed and aware of how it will be executed, I hope the process doesn’t favour the elites only. Part of the process of acquiring the loan is that the student must not have being convicted for any drug related offences, not engaged in dishonesty or fraud, not caught engaging in examinations malpractices in school or in the past, also if they or the parents have not defaulted in any loan in the past. If this process is followed strictly, then we’ll get some level of transparency in the whole process.

There are procedures and requirements to meet for one to access the loan, although to me the requirements are taskful  and difficult cause there are many indigent students struggling for themselves in school that don't have or know how to have access to these persons that are required to stand as sureties such as two guarantors: civil servants not less than level 12;  a lawyer with not less than 10 years call in to the bar, a judicial Officer or justice of peace. (All of these can be found in the reference link I provided). All these requirements alone is enough to discourage students from having a second thought on going to seek for such loan and just like in other laws signed the purpose may end up being defeated by the laid down procedures.

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A point to correct here mate. To be precise, It's not just about after the person is employed but rather the beneficiary is said to compulsorily start paying the loan two after NYSC. Knowing how hard it's hard these days to get a job in the country as a graduate, but then I ask what if the person hasn't gotten a job yet after the two years of NYSC what would be the fate of such a person?

Only the reality of unemployment's in the country can discourage eligible sureties from standing for you as a student cause they are not sure you may be able to get a job or talk more of a good paying job to meet up with the loan after two years of the NYSC. Like there are so many issues to consider surrounding this student loan bill.

My concern for this new student loan bill is this; if upon failure to repay the loan within the stipulated date, the defaulter would be charged to court and would be fined #500k. The question we ask is, the someone who couldn't complete repayment of loan, would he/she be able to pay the loan fine of #500k?
Will this not see more persons indebted and prosecuted upon failure?

If and only if the economy of the country would be better upon graduation and completion of NYSC service, I e, a job is secured or a means to earn is sure, then this is the best bill yet that has been signed and worthy of accolades.
 
But what has these universities and tertiary institutions board, have to say about this?

If the person can not pay the fine, the person is liable to 2 years imprisonment. Or both.

Which means the judgement will be based on how guilty the borrower is. Assuming if able to pay the loan and have enough money but just evading, that can result to fine and imprisonment, I guess.

You can watch this news and an interview with one of the president strategy team: https://youtu.be/8RnIOSg2gW0

Start watching from 4 minutes 30 seconds of the video. He talks about how the borrower would have been employed. We do not know yet how this would be, but the government won't be a wolve in sheep cloth about this. People that have knowledge about court cases will understand this.

I no understand why people dey so concerned about this loan bill, no be like say na by force to take the loan. I sure say the government don see how people do palmpay and other loan agencies so if them won put penalties for defaulters make them go ahead. Who know say the thing go hard am to repay go avoid taking the loan. E sure me say na means for politicians to tiff money be this…before the end of the year NTA go carry news say government don spend 20billion naira for student loans.

The unemployment is not the main issue but the fact that the benefactors may not want to pay and then blame it on unemployment or any other factors. Before taking loans one would have considered his/her plans in repaying the loan, we speak of unemployment often and some has this yardstick to quit school, using the popularly known tag School na scam but they later go into fraud because in the end no matter the unemployment rate being a degree holder is still better especially when opportunities arises.

We Nigerians are a special breed of humans. Any policy by the government is always greeted with skepticism. This is normal. One side of the argument is that education bank bill will create opportunities for Nigerians that are disadvantage to have access to school and have access to education so that no one is will say their parents didn't have money to send them to school or sponsor them so they will drop out of school. But then, my question to these folks is based on the requirement how will the poor and disadvantage have access guarantors (https://nairametrics.com/2023/06/12/student-loan-bill-how-to-access-student-loan/) "Guarantors: Each applicant must provide a minimum of two guarantors. The guarantors must fall into one of the following categories: (i) Civil servants of at least level 12 in the service, (ii) Lawyers with a minimum of 10 years of post-call experience, (iii) Judicial officers, or (iv) Justices of the peace."
Excuse me but if you can actually provide these guarantors then you can not be classified as a disadvantaged Nigerian. We keep watching to see the first beneficiaries and how it would work.

I also saw the circular and what first came to my mind is that if they can utilize well the subsidy removal scheme and effectively utilize the funds for the national building, things could have been well administered accordingly, because what the newly elect president said was that he didn't meet a budget on subsidy on ground which means they have been diverting these a long time ago to themselves in power, maybe this could be the first avenue to avoid and kicked against funds misappropriation in the country with the new regime.

Education is incredibly important, and nearly everyone aspires to obtain it. However, some people choose not to continue their education or even drop out of school because they are unable to pay their tuition during their entire time at the higher institution. Student loans, in my opinion, will undoubtedly assist persons with weak hands in their ability to further their education. But how some people will repay their loans once they graduate from school and take out loans to further their studies  that could be a challenge.With regard to the problem of not job opportunities everywhere.

It is a wonderful idea and development but I doubt this is going to work effectively cuz the system is still corrupt. This is still only going to be accessed by “connections” with the high and mighty. The common man is only still going to suffer or only a few of the “common man” will be able to benefit.
President ABT should focus more on fixing the system.

Tinubu signing this is a welcome development but I'm more concerned about the process that you will undertake before getting the student loan, I hope you also looked or consider the process involved before we start congratulating president bola Ahmed tinubu because to me if you have the names or the number of persons that will shortee you before the loan will be given to you I don't think you'll be needing any help from anybody before going to school because they have the capacity to train you to any level. I think our president wants to catch the interest of the youth who he knows never supported his ambition of becoming the president that he is today. I know many of us will disagree with me here but we should also consider the method which other countries have used to assist not just students but all here citizens with the help of the credit card I doubt if the process of getting it will be as tedious as what we are seeing on the student loan in Nigeria today.

President Bola Ahmed Tinubu's administration is just a few weeks old, of which for him to have brought up this idea of students loan, he has a plan for creating more jobs & employment to the already existing graduates & those that will be graduating with the help of the students loan, so as to enable them pay back the money to the federal government, because the truth of the fact is that each year people are retiring from work, people are dying and yet none is being employed to replace those vacant offices, but yet salaries are been disbursed by Federal government for monthly payments of both ghost & the real workers.
So to me, the issue of this student loan is a welcome development, of which I look forward to seeing it been implemented without tribalism or religious difference.

When I hear the news I dey laf dey. Any leader who understand students suffering I'm schools will not give loan to students and still give them condition of two year imprisonment. I don tok am social media say, students go collect di loan pay their school things and graduate and ready to serve the jail term and come back again. Because there will no money to pay back. How can you give such condition without job. It is not done in anywhere. Job first so dat has dem dey commont from school dem go work and pay back the loan.

Omo I read this news begin laugh. So tey assu don put mouth for the matter say student go run from school if government continue with the loan say make government no try am. Me too come dey ask myself questions. Government no fit guarantee job employment for the society and e be say every year university dey graduate thousands of students wey no get  job for the society so tell me how them want to take meet up na?.
Just as the previous poster says students will be ready to serve the jail terms come out and continue their life after all there is no job employment so how would they cope in paying back the students loan.

ASUU are not talking about the loan. The federal government wants free education not to be no more. This means that all government owned tertiary institution like college of education, polytechnics and University will begin to pay tuition fee. The school fees will become expensive.

I believe no one will be jailed if they have no job and have no alternative way to pay the loan. But did you know that some Nigerians will have job and will still want to evade the loan? In everything in life, there must be laws.

Loan business no dey go well with the borrowers because e dey hard to pay back loan due to the hardship for we country. Giving student loan no be wetin fit help these youths for Nigeria grow. Na employment be the koko,wetin we dey see for Naija be say, we been first think say na school be the way to success but that na for olden days not now again, because person wey finish school go sit down for house no level. But people we no go school get better hand work and still dey flex.

Tinubu say the loan na for poor man wey get zeal to go school but not get funds. If this poor man finish from school, how he go fit take pay back. Abi Tinubu still dey with that olden days mentality say na school be all. Omo now na handwork sure pass o,as long as you fit read and right and also dey brilliant, you go excel for any field wey you find yourself, so far say you go secondary school. Naija do yeye school to the point wey be say some people dey see school as a waste of time. Unemployment is the major problem in Nigeria and not education.

This is my personal opinion and I’m open to any counter opinions.

To me, this bill is not welcoming and appears to be more of a trap than a development. There are so many factors to be put in place before this and I’ll advise youths and Nigerian students not to fall for this trap.
Before passing such bills there should be vast provision of employment. Increase the employment market and give the youths confidence of getting a job after graduation.
Imagine taking a student loan of 2million naira for example and Alhamdullilah you graduate, what is your hope of getting a job in a country where millions of youths who have graduated over the years are still job hunting? The chances are very slim and even if you’re lucky and you get a job that pays #100,000 per month, how many years will it take you to be able to pay up the loan having in mind that your salary isn’t even enough to live off with.
Also Note that if you have any dreams of relocating to another country, taking a government loan has limited you from that. So you have to pay up before you even dream of leaving the country, therefore you’re in a bondage.
Citizens in developed countries  who take students loans, graduate and find a good paying job still find it difficult/takes them several years (even up to their old age) to pay up their loans, so what is the hope of an average Nigeria who has no hope of a good paying job to be debt free in no distant time and be able to live their lives comfortably?

Nevertheless, I really do hope there is a long term plan for this and it isn’t a trap to ruin the lives of Nigerian Youths and keep us in Financial Bondage.

Like I said in the beginning, this is my personal opinion.

What is the point of going to school if you are not going to get a job or create one for yourself after school? This is an initiative that gives the poor some chance of attending school and becoming a better person in the future. Poverty causes unemployment, but education kills poverty, thus the greatest approach to alleviate poverty is to provide education to the people at a low cost.

This is a no-interest loan that can only be repaid if you are employed or self-employed.This is a positive development.

I think adopting  the system of granting students loan is actually  a good way to show his good intention  and fulfilling his promise of allowing the poor breath and not suffocate them, I remember  some people while I was in school  it was very  difficult to always pay school fees but I think with this development  come with flexibility for parents and students  and I hope there will be compliance once is time
To pay back. I think tinubu is positive and will improve a lot am certain. This country seriously broken and needs to be fixed.

With wetin the government bring for paper and announcement the thing too. The vision dey clear and applaudable. But wetin you dey fear, na still wetin me too dey fear. Make people onto no for hijack this deal. You go come surprise say people wey no even dey school go come carry this loan dey shine. I don reason am tire, nothing too hard for this we country. Dem too dey soak inside corruption.

Ask dis students loan don happen, make president still sign health care loan. Person wey sick no get money fit take loan treat himself.

It's a welcome development,in the sense that alot of youth who has been thinking on how to further more in education can now move to acquire education now that the government have brought this opportunity and I am encouraging every youth to please grab this opportunity and make use of it,and don't let this opportunity pass you by ok,

Again is that let us not fear about this loan because I know that many maybe fearing about this loan,on how are they doing to pay back this loan, because of the jobless we are facing in this country,but you should remember that the government said that you will start paying back this loan after two years of your graduation ok, and I believe if you really know what you want in life and we you are heading to I don't think you can lavish the money unnecessary things, instead of you to use it carefully and become a greater man or woman in future ..

Another thing is that the government should not allow this Grant to be like others, hijacking has become the other of the day in this country, please government should of once do this legitimately and I bet you it will help to change the situation of this country thank you..

Tinubu may sound so bad to some people for the first time but i think na better thing him go do for this country, but my problem with this loan bill wey him take signed the news i saw, says that your parents most be earning salary at least 500k above no be say the person wey him parents dey earn like 100k or 200k a month are not qualified enough to take the loan and as for me that is not a good decision, those that their parents are not earning that kind of money in a month how them go con do?.

Tinibu go do better for us, but this loans matter I no like am, he better make him just reduce the school fees because not everyone was graduated dey go NYSC how dey go pay the loan and no be everybody go fit borrow the loan self your parents no go collect money pass 41k a month or 500k for a year

The worst aspect is that school fees will now exceed the loan amount because the federal government has announced that it will no longer fund universities.

That doesn't mean you can't secure the loan yourself.

No. It seems you misunderstood the whole concept and requirements needed to apply for the new students loan initiated by this new administration, because what is stated there is that to be eligible for the student loan, your parents need to be earning an annual salary less than #500,000 that is, if I'm to break it down, it means that the loan is meant for people wey in a year the total amount of money wey there parents dey earn no reach #500,000.

Example
1. Let say Emeka father dey earn 50k as salary in every month, and if you are to sum it in a year, that is #50k X 12mths = #600,000, which is more than #500,000, and as such Emeka is not qualify to apply for this load. Simply bcos him Papa dey earn pass 500k

2. Let's day Amaka's father dey earn #40k salary monthly, and if you are to sum it in a year, that is #40k X 12mths = #480,000, which is less than #500,000, and as such Amaka is qualify to apply for this load. (Because her family is assume to be poor & and the load is meant for only the poorest of the poor in the nation that can not afford to fund their university studies).

I hope you understand am now?

Which means;
 • If your parents earn from #5k to #40k monthly as salary, you are qualify to apply for the student loan. But
 • If your parents earn from #42k, #50k, #80k, #100k and above as salary every month, then you are not qualify to apply for the students loan. (As you could be classified as not poor)

CHECK source & Link below
All You Need To Know About Nigeria's New Student Loan Law (https://www.premiumtimesng.com/news/top-news/604984-all-you-need-to-know-about-nigerias-new-student-loan-law.html)

The hijacking matter na im be di main koko of di matter, because government go come up with ideas to alleviate poverty of di poor masses, and dem go implement an on the government level. But the wahala be say di people way de in charge to disburse di tin way government give, go de divert am. We don hear cases wey government go give palliatives to di people way need am, but at di end of di day everything go come end up for inside dem pocket, dem family and friends pocket or sell am to people way go fit pay for am.

So for dis student loan matter, di idea make sense because many Nigerians wey get di brain and di willingness to get good and quality education, but money matter be dem barrier go fit make dem dream come true. But based on my observation about how corrupt our government officials de, applicants for dis loan go bribe before dem go de eligible to collect di loan, dem go fit to de give dis loan in di name of education, but dem go divert am to oda means. Aldo I de sincerely hope say e no go happen like I talk am dis time around.

Omo, dis guy min business no b play. D initiative no too swt me shah via say, u wan giv loan nd d only pple way ft afford am na pple way already get big pocket. I no see hw, persn way dey get lik 500k as annual income no go ft manage pay loan.

I get watin en dey try do shah. Like nothing goes for nothing. E no wan reduce schl fees bt instead, e wan increase am 2 keep d moni coming while e dey mak provision for pple 2 still ft afford am nd yet again, keep d moni coming.
Tinubu no dey look 2 borrow 2 solve matter frm watin I dey observe bt 2 generate watin we go use run d nation, at least d much of it.

Stil, d loan is nt affordable 4 d targeted public bt, d method would redefine hw d public approaches loan.

Omo.. Be like say you too dey misunderstand this whole thing about this new student loan oh, but shah, check my previous statement as eh explain everything you need to know about this new student loan of a thing. But my problem here be say how government go carry know families wey dey earn below 500k in a year wey dey qualified to apply for this loan (i.e people earning below 42k as monthly salary), because truly base on economic hardship & plenty children wey some families dey get, and yet earning around  50k monthly wey no dey even dey enough. Wetin go con be their fate on this, are they going to be considered or abi they go lie?

Because we all know how the country be, na the alleged poor dey always get children pass..

Dey play, watch as politicians go corner side this one too. Dem go find way only give am dem sisters and brothers or use am run campaign wey be say if you dey find recommendations to get the loan you go need dey their party or sell your votes give them before your children fit get access to the loan. Make we no dey behave like say we no kw how things dey work for this country. Just use those scholarships programs use understand how this one go go too. The idea no bad  if to say e go work as tinubu dey play am for go well because the poor go dun get an escape route to study like others but our politicians go abused the gesture from the tinubu government.

Also wetin d government go do people wey no fit pay the loan back abi dem go force the guarantors to pay back the loans. Make dem no go do wetin go make to get guarantors go hard oh because when them hold one guarantors others go begin reconsider their support to students wey want the loans. Also wetin the government go do to provide job so students wey take loan go see means to payback the loans and on time. We get very far way to go for this country and although bills like this make sense for paper, e no make sense for practical because alot of other things that are more important than this bills has to be done before we begin dey reason this ones. Anyway make tinubu carry on with the signings and make him reason minimum wages as him dey sign bills them.

No doubt as you have said it all. In less than no time this student loan will be a cheap point for political campaign as politicians would want to make sure they all have their way into it.

I would not be surprised it turns out to be a party party thing and if one must access it, one must have to be a loyalist or have the signature of a known political bigwig in the state or party before anything is done. I hope it does not get to that point because it would be of no use as the sole aim of the student loan would be defeated.

Why won't he sign this kind of bill, it is expected because everything is been controlled by the executive which comprises the president and his appointees, other arms of Government are influenced by the executive here in this country, and a country where the upper and lower chambers are seen as a rubber stamp what do you expect tyranny of course, the president wakes up one morning and consents to a bill without thorough scrutiny and consultation from stakeholders.

In a civilized world, before the president signs a bill into law there would have been a town hall meeting in the different parts of the country to get people's views concerning the new bill, but in this country, things are done differently.

A process that many leaders benefited from is been reversed because of one selfish reason or the other.

If we see the criteria for getting these student loans from the Government, we will be discouraged, the president should consider so many things before making anti-people policies.

It is good for the government to give loans to students but is there any employment or enabling environment for companies or industries to operate freely so that the students will get employment as soon as they graduate from the university to enable them to pay the loan, our leaders should think twice before taking some certain decisions.

Bad government de rule bad citizens wey de find all means to survive, the country hard, this one no b lie. This country de worse everyday, weytin fit save us na only God intervention. The president signing student loan bill into law, na better news wey sound well for the ear. We  go see say the same nigerians go do mago mago with this opportunity, even those people wey no de school go take the loan, then the essential candidates wey fit for the loan no go even see the loan opportunity eye. Everything go worse the more as time de go.

Dat loan I dey fear because big men dem go give their children finished. And di won wey go remain for di poor wen the program is about to finish. Na so dem do am for my state wey dem give all di scholarships to rich men pikin dem. And another thing wey dem dey give di loan to rich men children be sae, dem dey pay back di loan but di poor children e no dey pay back di loan so dem prefer giving to di rich Dan di poor. So me I believe sae di loan na for di rich and not for di poor.

At first everyone was clapping hands for di newly elected president but for what I am seeing right now. Dis president e no go pass Buhari. Watch and see.

Buhari regime go better pass this current tinubu government, the way I de see am, things no go easy for this country at all. Everything just de high for price, Tinubu enter power, e sack all head of security operatives, e appoints new ones, e removed fuel subsidy then e later signed student loan bill, to me the power just de sweet am. I just de hope make e tenure try favour the common man for this country. That student loan bill wey president tinubu signed put into law, e go get head at all? I know thus country wella, dem go do am excess, every thing go just cast.