On June 12, 2023, President Bola Tinubu signed the Student Loan Bill into law. His team is selling his action as a Democracy Day gift to the Nigerian people. The new president is somehow managing the optics, but this has more questions to answer. At the end of my analysis today, we will conclude if it will let the poor breath or if it is out to suffocate them.
Make no mistake, I believe education is expensive, and that someone has to pay for it — but I’m not decided if that someone should be government or the student.
This means my expense per annum would be N18,500 + N14,000 + 10,000 x 12 months . This would total N152,500 — but the government will only loan me N18,500. That’s less than 13 percent of what I actually need. A lot of Nigerians will culturally like that because we don’t like debt. However, if we are trying to build a society where credit history matters, I’d recommend we do it differently. Let’s have options. I’m earning N100,000, can I pay N1,000 a month? I’d be done paying my debt in about eight years without feeling a pinch .
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