The signing of the Student Loan Bill into law by President Bola Tinubu has raised doubts among the Academic Staff Union of Universities (ASUU) and the Academic Staff Union of Polytechnics (ASUP).

According to Dele Alake, a member of the Presidential Strategic Team, the signing of the bill fulfills one of Tinubu’s campaign promises to liberalize education funding. However, both ASUU and ASUP have expressed reservations about the feasibility and effectiveness of the student loan program.

ASUU and ASUP argue that while the idea of providing interest-free loans to indigent students is commendable, there are concerns about the implementation and sustainability of such a program. They emphasize the need for a comprehensive framework that addresses the challenges faced by students, including tuition fees, accommodation, and living expenses.

Femi Gbajabiamila, the Speaker of the House of Representatives, sponsored the Student Loan Bill, which passed the third reading in May 2023. The legislation requires prospective beneficiaries to provide proof of their origins.

Despite the signing of the bill into law, there are still many details to be worked out, including the application process and the establishment of committees to oversee the disbursement of the loans. The timing and effectiveness of these procedures remain uncertain, leading ASUU and ASUP to express doubts about the implementation of the student loan program.

While the intention behind the student loan initiative is to align with global standards and improve access to education, ASUU and ASUP call for a comprehensive review of the program to ensure its viability and inclusivity for all students in need.