Student Loan Bill: 'Bobo Chicago dey use us catch cruise' - David Hundeyin

Controversial journalist, David Hundeyin has taken to Twitter to explain the student loan President Bola Tinubu signed into law on June 12.

According to the federal government, this student loan bill would boost the educational pursuit of the youths across the country.

However, David Hundeyin and some Nigerians have described the loan bill as a practical joke as the government has no plans to loan students any funds following the conditions that was presented.

Breaking down the student loan conditions, David Hundeyin wrote;

"To get this "student loan," you need to bring a Director-level civil servant or a lawyer with 19 years post-call history, or a judge.

Why would anyone who has access to these people need a student loan?

If the student or their parents have ever defaulted on "any previous loan" (i.e if they have missed payments on Palmpay, Opay and Lapo before), they are not allowed to apply for the loan!

Again, guess who this disqualifies!

The Civil Service Director or the judge or the 10 year post-call lawyer serving as guarantor must then write a letter promising to pay the loan if the student doesn't pay it.

They must attach their employment letter or CAC registration document to the letter.

And the final couple de grâce?

"Disbursement shall be on availability of funds" which means in plain English, "Even if you jump through all these hoops, we cannot guarantee that we will actually have the money."

Bobo Chicago dey use us catch cruise."

The bill, which was sponsored by Gbajabiamila, was titled ‘A Bill for an Act to provide for easy access to higher education for Nigerians through an interest-free loan from the Nigerian Education Bank established in this Act to provide education for Nigerians and other purposes connected thereto.’

Reacting to the student loan, some Nigerians have taken to social media to express their displeasure about the conditions the government stated.

YUNGROC: In Nigeria, tell which Sureties would agree to Stand and attest for Families with less than 500K income knowing that they can’t afford reimbursements !!!! Meanwhile we are talking about getting the loan paid back after two years of NYSC - that’s will be for Nigerian who have father Abraham that will reserve jobs for them -In Nigeria. Very Laughable ..
Finally , how do you think a con-man convinces his subjects before ramming them with bills. And making a way with their money? Through Written Documents Right? That’s Laughable too.

#iVoted4PeterObi: I mean its so ridiculous, this is like a cleaner in their office that gets 20-40k/mth, how would they approach their boss for such favour? And they think that level 12 officer will want to put themselves in such slavery for atleast 7yrs if not x years for repayment? Ridiculous!

Dr. A. TuruMbe: I stopping reading and knew it was BS when I saw family income must be less than N500k per annum. That means, Papa and Mama must be earning maximum of N40k a month for you to qualify. That means if your parents earn minimum wage of N30k( times 2 equals N60k) you don’t qualify.

IRUNNIA: Apart from the fact no sensible person will agree to be guarantor to someone who is not their child because the punishment for defaulting is prison, what makes me laugh so hard is that “disbursement shall be on availability of funds”

So if someone somehow does all this, he may still not get the loan because no funds?

Read the full Act below;