The House of Representatives has issued a warning to educational institutions against raising tuition costs in the aftermath of the recently approved Student Loan Act.
It also determined to host a legislative conference with all stakeholders in the education sector on student loan and access to higher education.
Terseer Ugbor, the member representing Benue State’s Kwande/Ushongo federal constituency, moved the motion during plenary, which was considered.
Presenting the motion, Ugbor said the aim of the act was to enable students to borrow to fund their education away from traditional parental provision.
He said: “The use of student loans and educational credit schemes in most countries of the world is often justified on the grounds that it guarantees greater access to higher education for the less privileged citizens.
“It is further predicated on the notion that education is an investment in human capital, which in turn promotes individual development, economic growth, and national productivity.
“After several years of unsuccessful attempts by successive administrations to introduce student loans, scholarships, and other educational credit schemes, the 9th National Assembly passed the Students Loans (Access to Higher Education) Bill, 2023, which was recently signed into law by the president to provide the legal and institutional framework for implementation of a student Loan Scheme in the country.
“While the objectives and intent of the Students Loans (Access to Higher Education) Act, 2023 are patriotic and would impact positive access to higher education in Nigeria, especially among underprivileged citizens, there are several critical omissions and identifiable bottlenecks that would stultify or frustrate the successful implementation of the Act if immediate further legislative action is not taken to ensure its efficient implementation.
“The intention of the Students Loans (Access to Higher Education) Act, 2023, is highly commendable, and its enactment has been well received by a large segment of the general public,
Particularly for Nigerian youths, the identified and observable lapses have the potential to frustrate its smooth implementation for the overall benefit of Nigerian students.
There is an urgent need to convene a legislative summit with all key stakeholders to develop a strategy to ensure the smooth implementation of the Act for the benefit of indigent Nigerian students.”
The motion, when put to a voice vote, received the support of the majority of lawmakers.
