Unpacking the impact of student loans and subsidy removal will require us to take a trip down the trail. To start from where the trail begins in order to fully understand where we are at; the impact/effect.
Student loans
The student loan bill was approved and signed into law by President Bola Ahmed Tinubu on June 12, 2023.
After the announcement Nigerians reacted, while some were happy others were concerned about the loan even though it is interest-free. Despite the concerns and criticisms, the federal government has not suspended the bill even though it has not commenced.
There are some concerns about the requirements of the student loan bill and the effectiveness. What impact will the bill have on the students and the economy?
The Academic Staff Union of Universities (ASUU) had on December 2022 spoken out against the proposed introduction of education loans, claiming that they have been a colossal failure in Nigeria and other countries where they have been implemented.
The union expressed concern that proponents of the policy are so eager to force it down Nigerians’ throats when they have done more to push Nigerians into poverty through incompetence in managing the nation’s economic fortunes.
ASUU also after the bill was passed called on President Tinubu to convert the bill into a grant.
Subsidy removal
This one has touched everybody through the impact of the subsidy removal on the economy. The prices for transportation, petrol, good, services, food and even inflation has skyrocketed.
Not long after President Tinubu made the announcement, long queues and scarcity of petrol became the new song. Even the price trippled.
This shows how much one discussion can have a ripple effect on the economy and Nigerians at large.
The impact of the student loan and subsidy removal will be discussed extensively on Wednesday June 21, 2023 via Twitter spaces conversation at 7 pm.
BizWatch Nigeria will be hosting the conversation on the impact and solutions will be provided. Join the live session on Twitter Space as we unpack the effects of student loans and subsidy removal in Nigeria
Set a reminder http://bit.ly/BizwatchSpace to join the conversation at 7 pm. The conversation will be an open mic event, which gives you an opportunity to talk about how the situation has affected you or people around you. You will also have the opportunity to provide solutions and address any issue that about the student loan and subsidy removal.
Remember to tell a concerned Nigerian to tell a concerned Nigeria to tune in to the conversation and participate.
