President Tinubu had signed the bill on Monday at the Council Chambers of the Presidential Villa, Abuja.

The Academic Staff Union of Universities (ASUU) has described the newly signed student loan bill as discriminatory.

Recall that President Tinubu had signed the bill on Monday at the Council Chambers of the Presidential Villa, Abuja.

The bill, which was passed by the National Assembly in November 2022, was sponsored by the immediate-past Speaker of the House of Representatives and the new Chief of Staff to the President, Femi Gbajabiamila.

The legislation provides for the establishment of the Nigerian Education Bank, which will have the power to administer, supervise, coordinate, and monitor the management of student loans in the country.

Speaking in an interview with the Punch on Monday, the ASUU Chairman, Prof. Emmanuel Osodeke described the loan bill as discriminatory and not feasible.

Osodeke asserted that the bill will show the disparity between the children of the rich and the poor, stressing that the union would react properly in due course.

He said, “The union will react soon but everyone knows our position on student loans because you will end up encumbering the children of the poor with loans and debt after graduating. This is discriminatory. If what I read online is correct, it said it is only for children whose parents earn at least N500,000 per annum. That means if your father earns more, you won’t benefit.”

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