NANS advocates five-year post-NYSC repayment period for student loans

The National Association of Nigerian Students (NANS) is proposing a five-year grace period after the completion of the National Youth Service Corps (NYSC) for the initiation of repayment for participants in the Federal Government’s loan program.

This proposition comes in response to concerns regarding the feasibility of expecting repayment to commence just two years after NYSC completion, given the limited employment opportunities available to recent graduates.

During a public hearing on the repeal and re-enactment of the 2024 Students Loans Access to Higher Education Bill in Abuja, NANS President Lucky Emonele articulated this proposal. The hearing, organized by the Senate Committee on Education and TETFUND, as well as the House of Representatives Committee on Student Loan, Scholarship, and Higher Education Financing, provided a platform for stakeholders to deliberate on critical aspects of the legislation.

Emonele acknowledged President Bola Tinubu’s inclusion of NANS leadership as representatives on the loan board and welcomed the decision to review the existing legislation to address potential obstacles to the success of the student loan program. He emphasized the importance of providing study grants for Nigerian students and advocated for measures to prevent arbitrary increases in school fees by tertiary institutions.

The NANS president urged the National Assembly to consider a resolution prohibiting public tertiary institutions from raising fees for the next decade, citing the need for sustainable financing mechanisms for the loan scheme. Emonele underscored the significance of equitable treatment for Nigerian students, pointing out the substantial allocation of funds to public tertiary institutions by the Federal Government without requiring repayment.

In response, Minister of Education Prof. Tahir Mamman commended President Tinubu’s commitment to education and expressed support for initiatives aimed at expanding access to higher education. Mamman emphasized the importance of the public hearing in refining the legislative framework to better serve the interests of Nigerian students.

Chairman of the committee Senator Muntari Dandutse highlighted the transformative potential of initiatives like the student loan scheme in fostering a more educated and skilled workforce, which, in turn, contributes to national development. He emphasized the role of education in driving economic growth, social progress, and democratic participation.

Representing Senate President Godswill Akpabio, Deputy Senate President Jibrin Barau conveyed optimism about the legislative agenda’s potential to enhance the standard of living for Nigerians. Barau lauded President Tinubu’s support for Nigerian students through the student loan scheme, recognizing its role in promoting access to education and facilitating economic empowerment.