The National Association of Nigerian Students (NANS) has called for a comprehensive review and amendment of the Student Loan Act signed into law by President Bola Tinubu in June.
The bill, which was sponsored by former House of Representatives Speaker, Femi Gbajabiamila, aims to address the financial challenges faced by young Nigerians in accessing higher-quality education.
However, NANS President, Usman Barambu, has highlighted some key areas that need to be revisited to ensure fairness, equity, and wider mainstream participation.
Speaking at the recent legislative summit on student loans and access to higher education, organized by the House Ad Hoc Committee in Abuja, Barambu emphasized the need for student representation on the board responsible for overseeing the implementation of the loan program.
“Student loans are meant for us, yet there is no student representation on the board. This exclusion undermines the voices and aspirations of the students who will be directly impacted by the loan scheme,” Barambu remarked.
He further stressed the importance of extending the board’s composition beyond the existing inclusion of only the National Universities Commission (NUC), to encompass polytechnics and colleges of education. This expanded representation will ensure that the unique needs and perspectives of students from diverse educational backgrounds are adequately accounted for in the decision-making process.
Barambu also recommended an adjustment to the duration of the loan repayment period. He proposed extending the current two-year period to four or five years, recognizing that many graduates struggle to find steady financial footing immediately after completing their studies.
Additionally, Barambu emphasized the need for considerations of loan forgiveness in cases of unfortunate circumstances like the untimely demise of a student borrower. Such compassionate measures would alleviate the financial burden imposed on grieving families.
