ASUU President Emmanuel Osodeke, during an appearance on Channels Television’s Sunrise Daily program on Thursday, criticized the Federal Government’s student loan initiative, arguing that beneficiaries often struggle to repay the loans in other countries where student loan operates.
He argued that the union’s research on student loan systems in other countries shows that graduates often become societal burdens and feel demoralized.
In his own words he explained, “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”
ASUU President in his own opinion suggested that increasing the budgetary allocation for education would eliminate the need for student loans and serve as a better option.
He also noted that this is the third attempt to implement such an initiative, which previously failed, raising doubts about its viability this time.
He cited 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 adding 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.