Student Loan Bill: FG has no genuine intention – David Hundeyin
Investigative journalist and founder of the “West Africa Week,” an online publication, David Hundeyin has said the recently signed Student Loan Bill is a scam and the Federal Government has no genuine intention of giving out any silly student loans. David disclosed this via his Twitter page.
In his tweet where he referred to the President as “Chapo Batman” the Journalist said he read through the student loan act and realized deliberating about it is a waste of energy.
“I actually just read through this student loan act, and I’ve realized that I’ve been wasting my breath arguing.
“Chapo Batman has no genuine intention of giving out any silly student loans. Na pure Bobo. Baba just dey whine
Then he went ahead to breakdown the loan conditions
“To get this “student loan,” you need to bring a Director-level civil servant or a lawyer with 19 years post-call history, or a judge. Why would anyone who has access to these people need a student loan?
“If the student or their parents have ever defaulted on “any previous loan” (i.e if they have missed payments on Palmpay, Opay and Lapo before), they are not allowed to apply for the loan! Again, guess who this disqualifies!
“The Civil Service Director or the judge or the 10-year post-call lawyer serving as guarantor must then write a letter promising to pay the loan if the student doesn’t pay it. They must attach their employment letter or CAC registration document to the letter
“Disbursement shall be on availability of funds” which means in plain English, “Even if you jump through all these hoops, we cannot guarantee that we will actually have the money.”
He further stated that first of all, Nigeria’s legal minimum wage is N30,000/month. To have a household income less than N500,000/year, 1 or both parents would need to earn less than minimum wage – which is illegal.
“Every applicant needs a “cover letter” signed by the institution’s Vice-Chancellor/Rector or student affairs officer. As we all know, University VCs are famously accessible to teenage prospective students from families whose household earnings are below minimum wage.
“People from households that make less than N47k/month (requirement to access the loan) are not the people who go to university anyway because day-to-day survival is more important.
“The Student Loan Act is a non-solution to a problem that doesn’t exist. Bobo Chicago dey use us catch cruise” he said.
Source: Twitter
