Elizabeth O.
The Socialist Youth League (SYL) has voiced its opposition to the recently enacted Students’ Loan Scheme, which was signed into law by President Bola Tinubu, Aso Naija Reports.
The league argues that the scheme will only exacerbate the hardships faced by Nigerians.
While some of the most glaring criticisms of the previous Act have been addressed in the reenacted bill, the SYL contends that the fundamental problems plaguing the Nigerian education system, such as deliberate underfunding, have not been adequately resolved.
In a statement issued by its National Coordinator, Utange Kaleb, on Friday, the league expressed concern over the chronic underfunding of education in Nigeria.
They pointed out that no presidential administration in the fourth republic has ever allocated the recommended 15% to 20% of the budget to education, as advised by UNESCO for member nations.
The Tinubu administration, in particular, has allocated less than half of the minimum 15% in the 2024 national budget, which is distressing given the transformative potential of education for social and economic development, according to Kaleb.
The SYL has made extensive efforts to raise awareness among the public about the perceived flaws of the loan scheme, which the Tinubu regime champions as a solution to the challenges facing public education in Nigeria.
However, the federal government remains steadfast in its belief that the scheme is an alternative means of funding public education, a position that the SYL vehemently opposes.
They argue that such policies, including the ill-conceived loan scheme, are rooted in the principles of neoliberal capitalism, which primarily benefit a select few.
Kaleb stated that the Tinubu-led APC regime intentionally reduces state spending on social services like education to attract foreign investment, thereby prioritizing capital interests.
He further stated that neoliberalism, as a form of financialized capital, exploits debt to undermine national sovereignty and hinder governments from fulfilling their primary duty of ensuring citizens’ welfare.
The SYL sees policies such as the removal of fuel subsidies and currency devaluation as conditionalities imposed by the IMF and World Bank, which promote the privatization of public assets and a reduction in public services.
These policies, in the SYL’s view, have wreaked havoc on the socioeconomic well-being of the poor and working-class citizens in Nigeria.
They accuse President Tinubu of playing a subservient role to these international institutions to satisfy the insatiable greed of the corrupt ruling elite, often at the expense of the masses.
Kaleb emphasized that the students’ loan scheme is based on the false premise that Nigeria is too impoverished to fund public education, while simultaneously providing lavish subsidies for the extravagant lifestyles of the corrupt political elite who exploit the nation’s resources.
The SYL firmly believes that education is a fundamental right that must be protected by the government to achieve the necessary development as a nation.
Rather than burdening students with debt through the loan scheme, which only adds to the existing socioeconomic hardships, the government should strive to make education free and accessible. T
his would enable children from disadvantaged backgrounds to receive quality education and acquire the skills needed for nation-building and social transformation.
The SYL acknowledges the progress made in amending the initial Act due to resistance from students and other concerned citizens.
However, they emphasize the need for unwavering vigilance in the pursuit of complete repeal of the Students’ Loans Act to secure the future of current and upcoming generations.
The SYL calls on Nigerian students, working-class organizations, including trade unions, and all patriotic citizens to unite in the struggle for adequate education funding.
They also urge a unified campaign against all anti-people policies of the neoliberal Tinubu regime, encouraging individuals to dare to struggle and dare to win in the pursuit of a just and equitable society.
