Nigerian Lawmaker Emphasizes Learning from U.S. Student Loan Mistakes in Implementing Domestic Scheme
As Nigeria prepares to roll out its much-anticipated Student Loan Scheme, a prominent lawmaker has emphasized the importance of learning from the mistakes made by the United States in its own student loan program. Isiaka Gboyega, Chairman of the House of Representatives Committee on Tertiary Education, acknowledged the current debt crisis rocking the U.S. student loan scheme but stressed that this should not deter Nigeria from implementing its own initiative.
During a press conference on Thursday, Gboyega highlighted that several countries, particularly in Latin America, have successfully implemented student loan schemes without encountering similar crises. He emphasized that Nigeria must take a proactive approach and learn from the challenges faced by the U.S. system to ensure the sustainability of its own scheme.
“Whatever is happening in the U.S. has not discredited the scheme,” Gboyega stated. “Yes, there are challenges, and there are challenges everywhere. America does not have the best of what we have. I am aware of that, but it has not taken away the benefit of the loan scheme. What is important is for us to learn from their mistakes. This scheme has been in existence in Colombia since 1951. The scheme is quite popular in Latin America.”
Addressing concerns about the impact of unemployment on loan repayment, Gboyega acknowledged the need to tackle the challenges associated with unemployment. He emphasized that the inclusion of vocational training schools in the scheme demonstrates the government’s commitment to addressing this issue.
The lawmaker also defended the exclusion of private schools from the scheme, stating that the demand for student loan schemes in private institutions would likely be low. He suggested that the fund may consider creating provisions to address the needs of private schools in the future.
The Student Loan Act, officially known as the Access to Higher Education Act, 2023, was recently signed into law by President Bola Tinubu. However, the initial legislation faced criticism from Nigerians, who raised concerns about the eligibility criteria for applicants and the repayment plans. In response, Tinubu sent the legislation back to the National Assembly with proposed amendments, which were swiftly passed by both chambers within seven days.
While acknowledging the challenges faced by the U.S. student loan scheme, Gboyega remains optimistic about Nigeria’s ability to learn from these mistakes and implement a sustainable program that addresses the educational needs of its citizens. As the country prepares for the commencement of the scheme, stakeholders will closely monitor its implementation to ensure it achieves its intended objectives while mitigating potential pitfalls.
Student Loan Scheme: We must learn from US mistakes — Nigerian lawmaker published in premiumtimesng By Bakare Majeed