Study abroad: Education funding has gained traction due to the student loan bill

Last year, the universities of Nigeria lost more than half of the section due to the fallout between the government and the lecturers over the latter of honour as per the prior signed agreements. This incident isn’t the first time when ASUU faced problems with the Federal Government also regarding study abroad. 

In 2022, ASUU went through an eight-month-long strike, which was also the longest strike period in the history of Nigeria. The improper funding from the universities of Nigeria was the primary issue of ASSU that made them clash with the government. 

Due to the strike and improper education system, many students preferred study abroad programs as well as foreign universities to complete their educational journey. 

The Central Bank of Nigeria stated that more than $220 million was spent on improving the education system between 2021 and 2022. 

UNESCO also reported that more than 76,000 Nigerians have chosen reputed universities around the world. Major Gen. Muhammdu Buhari, the retired president of Nigeria said that N470bn has been granted by the government for salary enhancements and revitalisation in tertiary situations. 

He also added that the government of Nigeria alone isn’t capable of providing the essential recourses for funding the overall tertiary education. As per his statement, the education cost in most foreign countries is shared between the people and the government, especially at the tertiary level. 

To enhance the efforts towards the funding challenges of the country, the National Embassy of Nigeria has passed a Student Loan Bill, which itself became super controversial as per the law. 

The PUNCH also reported that the House of Representatives Speaker, Femi Gbajabiamila, cautioned everyone against the Student Loan Bank which was proposed by the government through the Student Loan Bill. 

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