Once again, lecturers affiliated with the Academic Staff Union of Universities (ASUU), representing the Federal University of Technology, Akure chapter, have rebuffed the proposed student loan scheme spearheaded by Bola Tinubu.
The lecturers criticized the scheme, alleging it was a tactic to deprive public universities of vital funds.
They contended that its implementation would exacerbate financial hardships for needy students.
Speaking during a scholarship award ceremony for outstanding but financially disadvantaged students at the institution, ASUU FUTA’s Chairman, Prof Pius Mogaji, articulated concerns that the proposed scheme would ensnare students in perpetual debt cycles and deplete government funding for public universities.
He said, “For the avoidance of doubt the NEC (National Executive Council) of ASUU reiterated its rejection of the student loan scheme which is being promoted by international money lending agencies such as IMF and World Bank.
“Nigerians should be aware that the scheme is a way of starving public universities of funding and a ploy to divert public funds into private universities owned by politically exposed individuals and their friends.
READ ALSO: EFCC to Re-examine Alleged N70bn Money Laundering Case Against Bello Matawalle
“The NEC further observed that the scheme will mortgage the entire university system and keep our promising students in perpetual indebtedness.”
He pointed out that if the program fails in more efficiently managed economies worldwide, there is little assurance it will thrive in Nigeria, where rampant corruption, nepotism, and other unfavorable tendencies have thwarted the education bank project despite years of existence.
Mogaji asserted that ASUU recommended that if both state and federal governments genuinely aimed to invest in Nigerian students’ lives, they should provide grants and scholarships, and reinstate the needs-based budgeting system for improved efficiency.
The ASUU Chairman criticized the substantial increase in school fees, stating that funds diverted from government treasuries should be allocated to fund universities.
Regarding scholarships, the ASUU Chairman clarified that they were part of the ASUU Heroes’ Day commemoration held on November 12, 2023, in Kaduna State.
He mentioned that two students from FUTA were selected for the national scholarship award during the event, while the FUTA Chapter of ASUU extended the gesture by including six more students as part of its Corporate Social Responsibility initiative.
“Hence, as part of our community development service, giving out scholarships to indigent but brilliant is seen by ASUU as our corporate social responsibility towards making education accessible to all.
“Consequently, the Congress of ASUU FUTA at its meeting in November extended these good wills to other six students, N50,000 each, to assist them in completing their education.
“The duo, Ibikunle Stephen Oluwaseun and Gbenga Dauda Otaomokunola will be given N200,000 each while the other six students will be given N50,000 each.
The six students are Ajuola Ebenezer Timilehin, Bamigboye Moronfolu Ayobami, Adetunji Timilehin Emmanuel, Ayoola Taiwo; Akinpelu Victoria and Ajakaye Oluwafunmilayo Rita”, he stated.
Representing other beneficiaries, Otaomokunola expressed gratitude for the gesture, emphasizing its potential to motivate recipients to prioritize their academic pursuits.
He urged affluent individuals and organizations to extend support to students from underprivileged backgrounds.
In a related development, the National leadership of the Academic Staff Union of Universities criticized the proposed education loan scheme, arguing that it would burden students with perpetual debt.
ASUU, in a statement issued after its National Executive Council meeting at the Niger Delta University, Wilberforce Island, Bayelsa State, expressed surprise at the failure of the Bola Tinubu-led administration to fulfill promises made to address longstanding issues that led to the nationwide strike from February to October 2022.