By Omogbolahan Babawale
When the then Asiwaju Bola Ahmed Tinubu muted the idea of students’ loan as part of his presidency’s Renewed Hope manifesto, not many believed in it. The misanthropes and naysayers, particularly from the opposition not only derided his personage, but also lampooned him in harsh terms, throwing invectives and even recruiting some e-mob to cast aspersions on his personality. While many held the cynical view of impossibility, others opined such plan was to further impoverish the already on-the-ground hapless masses and another surreptitious way of taking from the poor to further enrich the already rich. But as a man with focus, the then Asiwaju did not allow such opinion of his adversaries take any toll on him. He remained focus on his goal of becoming the numero uno. He, therefore had his eyes fixed on the ball. Today, the then Asiwaju Bola Ahmed Tinubu is the President, and Commander-inChief of the Armed Forces, Federal Republic of Nigeria.
THE PRESIDENT’S MINDSET
For those who have followed President Bola Ahmed Tinubu’s political trajectory, people would have known his top priority in leadership deliverables is education. He believes an educated nation is a prosperous nation. President Tinubu has always believed no nation can attract meaningful development without educating its citizens. He believes education is a revolutionary tool. And that an educated nation is a nation with unstoppable development. It is for this very reason that, while as a Governor of the
‘Centre of Excellence’ State (Lagos), he pioneered the payment of the West African Examination Council (WAEC) fee for Senior Secondary School (SSS) 3 students to enable indigent students sit for their Senior School Certificate Examination (SSCE). It was this gesture of his that necessitated the influx of children of South East extraction in their numbers, particularly from Anambra State into Èkó Ilé.
THE REVOLUTION BEGINS
Having pioneered a scheme that has seen several children from humble beginning attain the pinnacle of their educational career at the state level, President Bola Ahmed Tinubu saw the need to extend such gesture to the entire country, providing a bigger platform that would eventually serve as a catalyst for development for the nation. The objective is to guarantee a prosperous Nigeria that is self-sufficient, selfreliant and a country that serves as beckon of hope to other African nations. Therefore, when on June 12, 2023, barely two weeks after taking oath of office as President, Commander-in-Chief, Mr. President signed the much-anticipated Students’ Loan Bill into law, it was the start of an educational revolution that would alter the country’s educational wherewithal forever. The momentous legislation aims to revamp the entire educational architecture by providing crucial financial support to Nigerian students, especially children of the hoi polloi to enable them access equal quality education, eliminating discrimination and removing class between the ‘haves’ and the ‘have-nots’.
THE PERTINENT QUESTIONS
Often times, leadership defines an office. What you see happen in an office or a given environment is a corollary of the kind of leader(s) that abound (s) in such an office or environment. Change-makers are not difficult to find. The only barrier is the platform to showcase what stuff they are made of. We have seen that in a number of appointees Mr. President has made. We have seen those who have recorded monumental milestones in so short a period. That is typical of a thinker (initiating ideas that birth positive changes) and a doer (acting the positive change).
What readily comes to the mind is why would Mr. President conceive such idea of giving loans to indigent students? Where will the Federal Government source the funds from? What are the likely advantages this new legislation would offer the Nigerian students? Are there any challenges that can threaten the implementation of the newlysigned bill? These are some of the issues this piece is put out to address.
WHY THE STUDENTS’ LOAN BILL?
The naysayers and cynics had premised their cynicism on a similar gesture introduced by former Head of State, Gen. Yakubu Gowon (Rtd) in the 70s which later culminated in the ‘Ali Must Go’ protest of 1978 following increased in tuition fees. What such critics of Mr. President fail to understand is that there is a clear difference between Tinubu as a democrat, strategist and welfarist (sic) and the military rule under former army general. The reason for the students’ loan is not far-fetched. It is a statement from Mr. President himself that is akin to what has become catchphrase among Nigerians today, ‘Let the poor breathe’. In letting the poor breathe therefore, Mr. President plans to allow for more children of the masses to have access to quality education.
WHAT OR WHERE IS THE SOURCE OF FUNDING?
Simple! The Act has actually provided for sources of raising the required funding. From the provisos contained in the Students’ Loan Act 2023, it is recommended that 1% each of revenues collected by the Nigerian Customs Service (NCS), Nigerian Immigration Service (NIS), Federal Inland Revenue Service (FIRS) and 1% of profits on oil and mineral accruable to the Nigerian Education Loan Fund. This is novel fund that is warehoused with the Central Bank of Nigeria (CBN). Unlike the Yakubu Gowon era, the loan covers only tuition fees and are directly paid into the schools concerned. This automatically eliminates bureaucratic bottlenecks which might likely create cog in the wheel for a smooth take off.
ARE THERE ANY ADVANTAGE THEREIN?
Of course, the Act comes with a lot of advantages, not only for the citizens but also for the country in term of development in the long term. Some of the advantages of the Students’ Loan Act include but not limited to;
• Enhanced Accessibility to Education
• Engendering Equality in Education
• Flexibility in Repayment Plan
• Possible Low or No Interest
• The Nigerian Education Bank
• Legal Ramifications for Defaulters
a. Enhanced Accessibility to Education: With access to education by those who seem forlorn and hopeless about acquiring quality education, it serves as a beacon of hope to all Nigerian students from all socioeconomic backgrounds. It breaks the barriers that often confront talented but indigent students.
b. Engendering Equality in Education: When every Nigerian has access to quality education, the stigma of class is removed. The Act explicitly prohibits discrimination on the basis of tribe, religion, gender, disability or otherwise. It allows for equal access to all, thereby fostering equality for all.
c. Flexibility in Repayment Plan: Taken into consideration the peculiar situation in the country, the Act provides for very flexible repayment plan where graduated students are not expected to immediately start payment. Students are granted two-year grace period after completing their compulsory National Youth Service Corps (NYSC) programme upon graduation.
d. Possible Low or No Interest: The loan scheme is not structured to generate income for the government, all things beings equal. As a matter of fact, it is projected to be interest-free despite the possibility of increased tuition fees by institutions of higher learning as time progresses.
e. The Nigerian Education Bank: The Act provides for the establishment of the Nigerian Education Bank. This dedicated financial institution is expected to be manned by a governing board comprising academia, administrators, legal pundits, government representatives that will ensure administration, coordination and monitoring of the loan programme to guarantee efficiency and effectiveness.
f. Legal Ramifications for Defaulters: The Act imposes strict penalties for loan defaulters and those who may want to aid them. The idea is not for punitive measures but to ensure loan repayment compliance.
IN CONCLUSION
Let us conclude by stating the obvious. No system or policy or programme of government is completely immune to challenges. It is expected that whatever challenges that may likely come with the scheme, whether the challenges surrounding the eligibility criteria, repayment hurdles or any other challenge will catch the attention of policymakers. And they will have a roundtable discussion to proffer solutions to it. One thing that is certain is that this move by the Federal Government is a revolution that will redefine Nigeria’s position among comity of nations. Its positive impact on Nigeria’s socioeconomic growth and development will birth a new generation of world leaders poised to shape the country’s future in no distant future.