By Victor Itodo Abuh
IN RECENT years, the debate over student loans in Nigeria has intensified, with the government proposing loans as a solution to the financial barriers hindering access to higher education.
While this may seem like a step in the right direction, it is crucial to recognize that student loans are not a sustainable or fair solution to the challenges Nigerian students face.
Instead of burdening students with debt, the government should focus on providing grants that reflect the harsh realities of our economy and the educational landscape.
One of the most glaring issues with the idea of student loans in Nigeria is the high rate of unemployment among graduates.
According to the National Bureau of Statistics, youth unemployment reached 53.4% in 2023, a figure that paints a grim picture for young Nigerians.
With over half of the country’s youth unable to secure employment, it is unrealistic to expect graduates to repay loans when they struggle to even secure basic jobs.
The burden of debt adds unnecessary pressure on young people who are already facing a tough job market.
For many students, securing a loan is not just about paying for tuition but also about covering basic needs such as food, transportation, and accommodation.
These are necessities that should not come with the anxiety of repayment, especially when the prospect of employment remains bleak.
How does the government expect students who cannot afford these basic needs to suddenly find the means to pay back loans, especially when their chances of employment are slim?
Another critical issue with student loans is that they perpetuate the cycle of poverty and inequality.
Students from low-income families are often the ones who need financial assistance the most, but they are also the ones who will be hit the hardest by debt.
For these students, taking out a loan is not just about financing their education; it is about betting on an uncertain future.
If that future does not pan out, they are left with debt they cannot repay, further entrenching them in poverty.
Grants, on the other hand, offer a more equitable solution.
By providing students with financial assistance that does not need to be repaid, the government can level the playing field and ensure that all students, regardless of their background, have an equal opportunity to succeed.
Grants empower students to focus on their studies without the looming fear of debt, allowing them to pursue their education with the confidence that their financial situation will not hinder their future.
It is time for the Nigerian government to rethink its approach to funding higher education.
Rather than pushing students into debt, the government should provide grants that reflect the reality of our economy and the needs of our students.
Investing in education is not just about increasing access to universities; it is about ensuring that students can thrive during their studies and after graduation.
Grants are an investment in the future of Nigeria.
They represent a commitment to the idea that education is a right, not a privilege reserved for those who can afford it.
By providing grants instead of loans, the government can build a more educated, empowered, and equitable society.
After all, the true measure of a nation’s progress is not just in the number of graduates it produces but in the opportunities those graduates have to contribute to their communities and the nation as a whole.
student loans in Nigeria are not the solution to the challenges our education system faces.
Instead, the government should focus on grants that can provide real, lasting support to students.
Only then can we create a system that truly supports the dreams and aspirations of all Nigerians.
Victor Itodo Abuh, a young columnist writes in from Abuja. victorabuh84@gmail.com
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