• Presidency restates commitment to programme
The eagerly awaited students’ loans scheme launch has been postponed indefinitely owing to some supposed irregularities, The Guardian can authoritatively report.
Investigations revealed that the alleged decision by the Presidency to include persons, who are not in formal school setting as beneficiaries, may have impeded the entire process, as the Executive is reportedly seeking to amend the Act and get the nod of the National Assembly to increase the funding from the current N60 billion.
It was further gathered that while the Federal Government expects the National Assembly to pass the amendment Act in a few days, it would use the period to consult with more stakeholders.
Signed into law by President Bola Tinubu on June 12, 2023, the Access to Tertiary Education Act, also known as the Student Loan Act, is to promote access to higher education by indigent students through interest-free loans.
The Act also established the Nigerian Education Loan Fund to manage the loans and formulate rules and guidelines with respect to application, review, approval, disbursement and recovery of the loans, among other functions.
The Fund is to be financed through education bonds; one per cent of all taxes, levies and duties from the Federal Government, Federal Inland Revenue Service (FIRS), Nigeria Immigration Service (NIS) and Nigeria Customs Service (NCS); one per cent of profits that government makes from oil and other minerals; donations; gifts and grants or any other form of revenue.
With Nigeria generating N12.7 trillion from taxes and customs in 2022 – one per cent being N127 billion – and N21 trillion from sale of crude oil during the period – one per cent translating to N210 billion –the country’s education loan fund could potentially gain N334 billion if the deductions are faithfully done.
But with four postponements in seven months, stakeholders in the education sector have raised concern about government’s seriousness in implementing the scheme.
Students and parents, who look up to the initiative for a lifeline, are distraught, devastated, shattered as the case with Ada Amazu, a final year student of the University of Abuja, that attempted suicide last month over the hike in school fees.
Reacting to the development in an interview yesterday, a civil society organisation, Education Rights Campaign, said it has been vindicated, as it had earlier warned about the “fraudulent nature” of the scheme.
Its National Mobilisation Officer, Adaramoye Michael Lenin, lamented that the postponement meant ‘double tragedy’ for Nigerian students.
Executive Secretary, Tertiary Education Trust Fund (TETFund), Sonny Echono, confirmed that the Executive is seeking an amendment, while fielding questions from journalists when he hosted Kwara State Governor and Chairman, Nigeria Governors Forum, Abdulrahman AbdulRazaq, yesterday in Abuja.
Specifically answering a question put by The Guardian on how the scheme has dashed the hopes of Nigerian students, the TETFund boss appealed for calm, assuring that the amendment process would be fast-tracked at the National Assembly.
He, however, denied that the scheme has been postponed indefinitely.
Similarly, Executive Secretary of the Nigerian Education Loan Fund (NELF), Akintunde Sawyer, confirmed that the government is still adjusting the policy.
During a live programme, he said the process is technically driven and necessary measures needed to be in place for proper execution.
Sawyer explained that pre-launch corrections are preventing the fund from committing to a specific launch date.
In the same vein, the Presidency affirmed the current administration’s commitment to the programme.
Addressing newsmen after the Federal Executive Council (FEC) meeting, Special Adviser to the President on Information and Strategy, Bayo Onanuga, stated that officials are crossing the t’s and dotting the i’s before a proper launch.
The presidential aide assured that a new date would be announced soon.
Also speaking, President of National Association of Nigerian Students (NANS), Lucky Emonefe, was upbeat that the challenges would be resolved within the next two weeks.
He also confirmed that the Act would be taken to the National Assembly for amendment.
