20th January, 2024
Your Excellency,
Dear President Asiwaju Bola Ahmed Tinubu
A CALL FOR “NATIONAL STUDENT BURSARY SCHEME (NASBUS)” IN PLACE OF A MIRAGE…STUDENT LOAN…
Sir, you have an historic opportunity to help stop the policy of “student loan” and change to National Student Bursary Scheme (NASBUS) which will not enable students to pay back.
We urge you to look into our observation and make necessary change to avoid lacuna in this singular agenda of the Party among your various masses oriented programmes.
While student loan is aimed to bridge the gap in educational opportunities, it may inadvertently bring:
i. the divide between the privileged and the disadvantaged;
ii. encourage financial freedom,
iii. discourage serving after graduation;
iv. delaying property ownership;
v. cause financial stress on the path of the borrower.
ADVANTAGE
Students focus on their studies without the burden of immediate financial contract.
DEBT AND REPAYMENT MODEL
INTERESTING- Free loans may sound Appealing but the burden of repayment may pose a big significant concern. Students who fail to meet the repayment terms may face several consequences, like imprisonment or others (you need to think of other consequences here because taking loan is civil and defaulter can’t get an imprisonment).
The lack of adequate job opportunities and economic changes in the country further exacerbates the difficulties faced by graduates when it comes to loan and repayment plan methodology.
BEST ALTERNATIVES
As we strongly condemned the idea of student loan scheme in the highest order, it becomes sacrosanct to explore these alternate as a Remedy to the student loan initiated by the federal government to:
i. National Student Bursary Scheme (NASBUS)
ii. Scholarships for Student
iii. Institutionship of Technical and Vocational Training programs.
iv. Adequate Funding of Educational Sector
v. Free Education.
With the aforementioned items achievable to students, we have created an entire environment for student to learn and give more inclusiveness to everyone irrespective of the tribe, region, religion and state.
As we advice our President Bola Ahmed Tinubu (GCFR) to jettison the student loan program and embrace the “NATIONAL STUDENT BUSARY SCHEME” where amount/fund given will be used for student sustainability & tuition while in the school environment.
We don’t want the student loan to becomes a mirage or a drop of water which never from an ocean. We don’t want the student loan becomes the story of the defunct, liquidated and collapsed People’s Bank of Nigeria (PBN) in 1989, Better life programme during the military era, where loans were issued and no repayment whatsoever.
The CBN Anchor borrower programmes; where dividend abused and it did not meet expectations to boost food production whereby N503b has nothing to show in the country (WHAT A SHAME).
According to the “New York Times”, collectively, Americans owe $1.78trillion in student loans. That’s more than was owed for credit cards and cars. Only mortgage debt ranks higher on this measure and “The Biden administration calls the student loan situation a Crisis”
Sincerely yours,
Mojeed Aderemi Afolabi,
Shàshá- Oguntàde,
Alimosho – Lagos State.
Cc:
Print & Electric Media
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