‘How will students pay back when unemployment rate is 33.3%?’, Nigerians react to Tinubu’s Student Loan

Some Nigerians have taken to social media to share mixed feelings about the student loans bill signed into law by President Asiwaju Bola Ahmed Tinubu.

In an effort to fulfill one of his campaign promises, President Tinubu on Monday, signed into law the bill which will make available credit facilities to all students who have secured admission into Federal/State Universities, Colleges of Education, Polytechnics, or any Vocational Training Schools.

The bill, titled; “A Bill for an Act to Provide for easy access to higher education for Nigerians through an interest-free loan from the Nigerian Education Bank established in this Act to provide education for Nigerians and other purposes connected thereto,” was sponsored by the speaker of the 9th House of Representatives, Femi Gbajabiamila.

The signing of the bill into law has, however, generated mixed reactions from social media users. While some support the bill, describing it as a right step in the right direction, others condemn it, saying that the government should have channeled the energy into providing employment opportunities for the increasing numbers of unemployed youths.

Reacting to the signing of the bill into law, a Twitter user, @DevTobs, wrote, “student loan for more folks when the ones outta school don’t even have jobs yet. Imagine being a graduate, jobless, with a debt tag hanging on your neck, that’s crazy. Nigeria tops amongst one of the highest unemployment index rates with a 33.3%. Yet you’re signing some bill to have more folks study on loans. How will they pay back? With their blood? They’d graduate and join the tumult of unemployed folks and face the Shege of debt again. This bill has its pros, but the cons outweigh it ngl & hoping it ain’t another Agbado folks’ gimmicks to launder money. The common man is so In soup.”

Another user, @Manlikesos404, wrote, “Student Loan bill? I really want to know how this thing will work in a system where there’s no job. How will students pay off loans? Even after graduation, you need a job that requires you to have a 5+ yrs experience before getting it, that is, 5 yrs+ interest on the loan.”

Student Loan bill? I really want to know how this thing will work in a system that there’s no job. How will students pay off loans? Even after graduation, you need a job that requires you to have a 5+yrs experience before getting it, that is, 5yrs+ interest on d loan. ❌❌

— S.O.S. Media (@manlikesos14) June 12, 2023

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In his own words, @onyaIkechukwu wrote, “How will the student pay back when the unemployment rate is at 33.3%?”

In contrast, ImodjeOvie wrote, “Honestly speaking, I didn’t support @officialABAT Tinubu in this election. But this policy is a very good policy indeed. When someone does something well, appreciate him. All thanks to the president of Nigeria.”

Honestly speaking I didn’t support @officialABAT tinibu in this election. But this is policy is a very good policy indeed when someone does something well appreciate him all thanks to the president of Nigeria @officialABAT for this good policy.

— imodje divine ovie (@ImodjeOvie) June 12, 2023

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Another user who supported the bill tweeted, @Adebisidejoke, “Yes, I think it’s important to provide support to students so they can afford to get an education and achieve their goals. So, the idea is quite commendable.”

However, some other users who also described the loan bills as a good initiative raise concerns about the requirements needed to access the bill. @theafolabii wrote, “The student loan bill is quite an impressive initiative, but where do the FG expect the poor or son of nobody find a level 12 civil servant and lawyer? The poor is no longer breathing like Tinubu said they should.”

The student loan bill is quite an impressive initiative but where do the FG expect the poor or son of nobody find a level 12 civil servant and Lawyer. The poor is no longer breathing like Tinubu said they should

— Folabi👑🌊 (@thefolabii) June 12, 2023

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Also lamenting the requirements, @SageKristen wrote, “Good idea… but the criteria for getting the loan is something else… if I have all that, why do I need the loan in the first place?”

The student loan, which will be disbursed to interested and qualified students through the educational bank, recommends two years of imprisonment or a fine of N500,000, or both, for students who default in repayment or anyone found aiding defaulters.