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By Matthew Eloyi
The Speaker of the House of Representatives, Hon. Femi Gbajabiamila, has called for the establishment of an Education Bank and a Students Loan Scheme that will provide interest-free loans to students in tertiary institutions so as to make funding education at that level convenient for all.
He made the call on Monday while delivering the 52nd convocation lecture of the University of Lagos (UNILAG).
The lecture was themed: “Building back better: Creating a new framework for tertiary education in Nigeria in the 21st Century.” He said in that regard, he had sponsored a bill titled: ‘Students Loans (Access to Higher Education Bill)’ in the National Assembly.
Gbajabiamila stated that as a lawmaker and politician, one of the most frequent requests he always received was funding for tertiary education, as the future of bright students could be in jeopardy.
In his words, “The bill sets to provide interest- free loans to students. The repayment of these loans shall commence two years after the completion of the National Youth Service Corps Scheme. However, we must all understand that public support for any such system will depend significantly on the tertiary institutions themselves.
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“The Ninth House of Representatives has education as one of its key areas of focus in its legislative agenda. We have for instance taken active steps to upgrade many of our public institutions, elevating some colleges of education to universities of education among others.”
He decried the current practice of universities depending on subventions and allocations from government, noting that it was grossly inadequate and archaic.
He called for synergy between universities and industries as being done in advanced nations which is yielding good fruits.
While not saying funding is a big challenge in Nigeria’s education sector, the Speaker opined that coming up with circular that would help produce graduates fit for the global market was a top need.
He added that the world has changed and that the country must make strident efforts not to be left behind.
“For Nigerian citizens to thrive in this new world, participate fully and productively in the new global economy and benefit from it rather than be consumed by the technological advancements that are changing our world, tertiary education in Nigeria must be prepared to embrace reinvention and adapt to disruption, ” he stated.
