The Academic Staff Union of Universities, ASUU, has criticized the Federal Government’s student loan initiative, arguing that beneficiaries often struggle to repay the loans.
During an appearance on Channels Television’s Sunrise Daily program on Thursday, ASUU President Emmanuel Osodeke stated that the union’s research on student loan systems in other countries shows that graduates often become societal burdens and feel demoralized.
“Imagine a student graduating from the university with a loan of five million naira, even me as a professor, I cannot pay back such a loan in 20 years’ time..
“A student who graduated has a loan of N5 million and is not sure of getting a job in the next 10 or 20 years”, he said.
Osodeke suggested that increasing the budgetary allocation for education would eliminate the need for student loans.
He also noted that this is the third attempt to implement such an initiative, which previously failed, raising doubts about its viability this time.
Citing the United States, where student loans are prevalent, he mentioned that many students are unable to repay their debts, leading to severe consequences, including suicides.
He added that President Joe Biden had to intervene to address the loan crisis.
The professor questioned how the initiative could succeed in a country with a high unemployment rate.