Business
NANS Urges Government to Cut Education Costs Instead of Offering Student Loans
The National Association of Nigerian Students (NANS) has called on the Federal Government to focus on reducing the high cost of education rather than relying on the student loan scheme recently introduced.
NANS Senate President, Henry Okuomo, voiced this concern during an interview on Sunrise Daily, a program on Channels Television, on Friday.
Okuomo emphasized that cutting the cost of education would have a more meaningful and lasting impact on Nigerian students compared to offering loans, especially considering the country’s high unemployment rate, which may make it difficult for students to repay these loans in the future.
“For now, the process of accessing these loans is unclear. We don’t know the criteria, who the beneficiaries are, or how students can apply.
We have heard from many students who have attempted to get the loans but were unsuccessful,” Okuomo explained.
He also noted that efforts to engage with NELFUND, the body responsible for administering the loans, have so far been met with no concrete response.
Rather than offering loans with uncertain repayment options, Okuomo proposed a more effective solution: drastically reducing the cost of education at tertiary institutions.
He suggested that fees be lowered to a more affordable range, between N20,000 and N50,000, making higher education accessible to a broader segment of society.
“If education is affordable, more students will be able to attend without needing loans. Even with the loan scheme, we still don’t fully understand the repayment terms.
With many graduates unable to find jobs, how can they be expected to pay back these loans?” he questioned.
The student loan scheme, introduced by President Bola Tinubu as a key part of his administration’s education reform, was designed to support students from low-income families in paying their tuition fees at Nigerian universities and other higher institutions.
This initiative was formalized through the signing of the Access to Higher Education Act, which created the legal framework for granting financial aid to indigent students.
Despite this, NANS argues that the initiative, while well-intentioned, does not address the core issue facing Nigerian students—skyrocketing tuition fees.
Reducing the cost of education, according to Okuomo, would not only lessen the financial burden on students but also eliminate the risk of students being saddled with debt they may struggle to repay due to Nigeria’s challenging job market.
Okuomo’s remarks have reignited the conversation around affordable education in Nigeria, sparking debate about the best way to provide relief for students without further complicating their financial futures.
Aliko Dangote is stepping down as Chairman of Dangote Sugar Refinery Plc after two decades of steering the company’s growth and transformation. His retirement will officially take effect on June 16, 2025.
The announcement was made in a statement signed by the company’s secretary, Temitope Hassan, who praised Dangote’s contributions since he took over leadership in 2005. Over the years, he has played a major role in shaping Dangote Sugar into a top player in Nigeria’s sugar industry, overseeing its expansion and pushing key reforms in governance and operations.
During his time at the helm, the company rolled out several major projects focused on backward integration, setting up large-scale sugar production facilities in Adamawa, Taraba, and Nasarawa. These projects were designed to boost local output and cut down on the country’s reliance on imported sugar.
As part of a planned succession process, the board has named Arnold Ekpe as the incoming Chairman. Ekpe, who is currently an Independent Non-Executive Director on the board, will take over on the same day Dangote retires.
Ekpe brings decades of leadership experience, having served as Group CEO of Ecobank and held top positions across different industries. The board expressed confidence in his ability to lead the company into its next phase while also thanking Dangote for his outstanding service and dedication throughout the years.
Ecobank Group is reportedly set to raise up to $250 million through an Additional Tier 1 (AT1) capital offering in order to strengthen the bank’s capital base.
This was revealed during the company’s annual general meeting held in Togo on the 29th of May, 2025. According to the meeting, the bank stated that the conversion price for the shares will be based on the higher of the prevailing exchange rate and the floor price of $0.02 per ordinary share.
The speaker stated “As we cast our eyes into the future and reimagine all possibilities—rising competition from banks, fintechs, and non-bank financial institutions, as well as factors such as geopolitics, regulations, and capital markets—we cannot afford complacency.”
The Central Bank of Nigeria (CBN) recently assured stakeholders about the state of the banking sector in Nigeria, stating that the banking sector can still be trusted and is secure.
The assurance was shared in a statement signed by Hakama Sidi Ali, Acting Director of Corporate Communications at the CBN. In the statement, it was emphasized that stakeholders should disregard any negative news concerning the banking sector, as such reports are misleading.
The CBN also highlighted the security of the deposits entrusted to it, stating, “There is no reason for the public to worry about the security of their deposits.” The extent of the measures and security in place was also emphasized by the director in the statement.
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