20th January, 2024

In an open letter addressed to His Excellency, President Asiwaju Bola Ahmed Tinubu, passionate advocates led by Mojeed Aderemi Afolabi and Shàshá-Oguntàde from Alimosho, Lagos State, urged the President to consider implementing the “National Student Bursary Scheme (NASBUS)” as an alternative to the current student loan system.

The open letter emphasized the potential drawbacks of student loans, including a growing divide between privileged and disadvantaged students, potential financial stress, and hindrances to property ownership and post-graduation service. The advocates suggested that NASBUS could offer a more sustainable and inclusive solution, allowing students to focus on their studies without the immediate burden of repayment.

Highlighting concerns about the debt and repayment model, the letter acknowledged that while free loans might sound appealing, the challenges of repayment could lead to severe consequences for defaulters. The advocates urged President Tinubu to consider alternative measures such as scholarships, technical and vocational training programs, adequate funding for the educational sector, and ultimately, free education.

Drawing attention to global examples, the letter referenced the student loan crisis in the United States, emphasizing the urgent need for a reevaluation of the current approach. It urged the President to avoid a situation where student loans become a mirage or mirror past failures in financial programs like the People’s Bank of Nigeria and the CBN Anchor Borrower Programs.

The advocates expressed their hope for a positive response and urged the President to prioritize the implementation of NASBUS, fostering an environment of educational inclusiveness regardless of tribe, region, religion, or state.

Contact Information
Mojeed Aderemi Afolabi,
Shàshá-Oguntàde,
Alimosho – Lagos State.