27/07/2023
Students loans in Nigeria?
It is true that multiple western countries, have student debt crises. Student debt has become a significant social problem because of how much it can effect a person's life, and their families lives, that can carry over to their future.
The burden of student loans on families is increasing, due either to stagnant household disposable incomes and therefore borrowers being exposed to repayment hardship and default.
On top of these, the high graduate and Youth unemployment in Nigeria would make the scheme challenging to operate on a sustainable basis.
So I agree that there many potential challenges. However, for me, I would rather have, for example one billion naira be disbursed to 2,000 bona fide and deserving students as loans, even if the prospects of repayment is low, than the same amount being misappropriated by a single individual politician or public officer. This is the basis of my support for the Scheme that is being planned by the Government of President Tinubu. Also, considering the collosal amount of money that we've over the years on petroleum. subsidies, this to me is a much better use of our resources. At least it will be more targetted, you can control the consumption and you can't smuggle the products to neighboring countries!! š¤£š¤£
