Student loan in Nigeria and Its Conspiracy

Let me enlighten you on the matter. Nigeria recognizes the importance of education and strives to provide opportunities for its citizens to pursue higher studies. The Nigerian government, through various programs and policies, endeavors to support students in financing their education. This was the aim from the start, but the fact is that the criteria to apply for such a loan have made it very impossible for students to even request for the loan. The media is not saying anything about this, and this policy has been approved by the federal government meaning the money for the student's loan have been proved but no students in Nigeria can boldly come out to say they are a beneficiary of this program.

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To be eligible for the loan, an applicant’s income or family income must be less than N500,000 per annum.

Now, this is the requirement for a student to apply for the loan. Are they telling me for a student to apply for a 500,000-naira loan, his or family much be able to afford that for a year. In other word, the family are meant to save up everything they have for that year to be able to pay back the government. Immediately you get the loan, you have just one year to pay it back. Makes me feel like it's a loan shark organization.

Students must provide at least two guarantors who meet the following criteria:

A civil servant of at least level 12.

Getting a civil servant guarantor to stand for you when you want to get your loan is like a quest to the evil forest. Many students who need this loan don't even have any family or friends that are civil servant.

A lawyer with at least 10 years of post-call experience.

Now, to get someone like this, you have to visit each court of law you can find for you to find a lawyer who will be willing to stand for you as a guarantor and the funny part is that people aren't too trusting to stand for people as guarantor because they don't want to get themselves involved when the money can't be paid on time.

Other Guarantor you can find as replacement are,
A judicial officer.
A justice of peace.
Like, where can a student find this set of highly placed people if they don't have a connection?

it more like saying, before you can get this loan, sign it here, and now let us know "If you can't pay back at the end of one year, or be ready to go to prison."

One of the initiatives is the National Students' Loan Scheme (NSLS). This scheme was established to provide financial assistance to eligible students to cover the cost of tuition fees, accommodation, and other necessary expenses. The loans are granted at a low interest rate and are repayable after the student completes their studies and secures gainful employment.

Getting employment after graduating university: there is no guarantee that there is going to be a job waiting for you, but the fact that a person is already owing the government a huge amount of funds after graduating from university is perplexing. The young graduate has to worry about paying off his loan that has accrued interest for one year.

One thing I am sad about is that the media is not making noise about this so the government can see how unfair this policy is to its citizens, or probably they have been bribed to keep their mouth shut. The loan funds have been approved, but no one can come out to say they have benefited from them. It's more like a conspiracy against the citizen.

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