No Well-Defined Strategy For Student Loan Act, Says Bwala

The spokesperson for the Peoples Democratic Party Presidential Campaign Council (PDP-PCC), Daniel Bwala, has questioned the modality of the recent Student Loan Act signed by President Bola Tinubu.

The President had on Monday signed into law the Student Loan Bill in fulfilment of a promise he made during his campaign.

 

This was announced by the spokesperson to the Federal Government Mister Dele Alake, saying that the funds will be domiciled in the Ministry of Education and will only be accessed by indigent students of tertiary institutions.

 

The law aims to provide easy access to higher education for indigent Nigerians through interest-free loans from the Nigerian Education Loan Fund.

Bwala, while speaking on Channels Television Politics Today on Wednesday, noted that the bill was not initiated by Tinubu’s administration, adding that it was already prepared and awaiting signature since former president, Muhammadu Buhari’s tenure.

 

The spokesman questioned the process at which the loan funds would be continuously generated given the number of students in Nigeria, adding that the manifesto of the president did not clearly highlight strategies for future funding.

 

“Most importantly, the bill itself and the content of the bill, you juxtapose that with the manifesto of the party, where are they going to get the money to give the loans.”

 

“The bankers are not going to give their money, the government would have to. There is no well-defined strategy for that loans in that manifesto,” he said.

Additionally, Bwala faulted the feasibility of the act after being signed, stating that the funds and structure to fuel this act might be a challenge to the government.

 

“The criminal law of Justice which was signed in 2015, no one has been prosecuted. Having the act signed is not the issue, because there must be money.

 

“The loan there is not to collect prayers, – is it not to collect money?” he asked said.

 

According to him, sourcing for misappropriated funds used by the past administration and getting taxes from Nigerians can potentially furnish the Student loan act into reality.

 

“He has to investigate, he has to probe the government he took over from. That was what Buhari did when he took over n 2015, he probed that government and they recovered some money.

 

“So he has to probe, Nigerian people will look at whether or not he has the balls to do that. They need to also expand the tax net, these areas that can work.