In a recent development, Isiaka Gboyega, a member of the House of Representatives and the Chairman of the House Committee on Tertiary Education and Student Loans, shed light on the government's decision to exclude students from private universities and other tertiary institutions from the newly signed student loan scheme. According to Mr Gboyega, this exclusion was primarily driven by the exorbitant tuition fees prevalent in private educational institutions.
Mr Gboyega emphasized that the cost of tuition in private schools is substantially higher compared to public institutions. He highlighted that the fees paid by a single student in a private university could potentially cover the expenses of multiple students in public universities or colleges.
The recently signed student loan bill, enacted by President Bola Tinubu, outlines the eligibility criteria for loan applicants, stipulating that applicants must be citizens of Nigeria and have secured admission into government-established universities, polytechnics, colleges of education, or licensed vocational or skills acquisition schools.
Regarding the exclusion of private school students from the loan scheme, Mr Gboyega stated that individuals capable of affording private education for their children may not require financial assistance through the loan scheme. He suggested that, in the future, the scheme might be extended to encompass students enrolled in private educational institutions.
The decision to exempt private university students from the student loan scheme reflects a strategic consideration of the differing financial needs and circumstances of students across various educational sectors.
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