Bola Ahmed Tinubu has signed the student loan bill into law and said it would Kickstart by September, 2023.
Most Nigerians who may not understand the meaning of that bill are already rejoicing.
Eiyaaa… I don’t blame them at all either..
Only if they understand that this bill would be another avenue for a Huge Scam..
Let’s see David Hundeyin’s analysis before mine…
That last line looks so innocent, but guess what? Have you ever tried submitting proof of income to a Nigerian government agency before? You know what document they ask for?
That’s right – tax clearance certificate.
You know who that excludes? Every blue collar worker!
To get this “student loan,” you need to bring a Director-level civil servant or a lawyer with 19 years post-call history, or a judge.
Why would anyone who has access to these people need a student loan?
If the student or their parents have ever defaulted on “any previous loan” (i.e if they have missed payments on Palmpay, Opay and Lapo before), they are not allowed to apply for the loan!😂
Again, guess who this disqualifies!
The Civil Service Director or the judge or the 10 year post-call lawyer serving as guarantor must then write a letter promising to pay the loan if the student doesn’t pay it.
They must attach their employment letter or CAC registration document to the letter😂
And the final couple de grâce?
“Disbursement shall be on availability of funds” which means in plain English, “Even if you jump through all these hoops, we cannot guarantee that we will actually have the money.”😂
Bobo Chicago dey use us catch cruise 😄
2 things I forgot to add to that thread about the Student Loan Act.
1st, Nigeria’s legal minimum wage is N30,000/month. To have a household income less than N500,000/year, 1 or both parents would need to earn less than minimum wage – which is illegal.
Every applicant needs a “cover letter” signed by the institution’s Vice-Chancellor/Rector or student affairs officer.
As we all know, University VCs are famously accessible to teenage prospective students from families whose household earnings are below minimum wage…
Bonus point:
People from households that make less than N47k/month (requirement to access the loan) are not the people who go to university anyway because day to day survival is more important.
The Student Loan Act is a non-solution to a problem that doesn’t exist.
https://twitter.com/J_Lawale/status/1669259231822856194?t=w6x0qXlecg_deCu3hjmTag&s=19
Look above and see the Issue…. I guess most people don’t know that University education is subsidized by the Federal Government…….. Hike in school fees would damage our tertiary education system.
Now, a quick one….. These guys are intentional… He quickly signed a bill that has been on since 2016…
Wow…..applause.!!!!
This singular act ordinarily would have been a nice bill but trust me, this is opening a deep hole for a huge scam..
1. Once they remove the subsidy on tuition and school fees hikes…. How many Nigerians can afford the education without applying for the loan?
2. Very shortly… You would see headlines like…. Student loan Huge scam discovered.
3. These guys would create millions of *GHOST STUDENTS* account where they would issue non existent loans….genuine students wouldn’t get they loan whilst fraud would keep suckling the money..
4. Soon, you’d begin to hear stories like….. How much percentage would you give me to stand as your guarantor?… 😂
My people…. You see this Loan Bill…. Una go dey alive to see the outcome…