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Don't turn student debt into a debt trap, Adeleke tells FG

Osun State Governor, Ademola Adeleke, on Tuesday known as on the Federal Authorities and different stakeholders to make sure that the Nigeria Schooling Loans Fund doesn’t develop into a dying lure for its beneficiaries.

Adeleke made this name in Osogbo whereas receiving the Managing Director/CEO of the Nigerian Schooling Mortgage Fund, Akintunde Sawyer and his staff, who paid him a courtesy go to at his workplace on the State Authorities Secretariat.

Adeleke mentioned the nation ought to examine different nations which might be managing related funds. Nigeria also needs to provide you with measures to forestall the initiative from turning into a debt lure.

He recommended President Bola Tinubu for organising the fund in response to the challenges confronted by the scholar inhabitants. In accordance with him, the President had proven political will by not solely accelerating the institution of the fund but additionally its precise launch.

Adeleke assured the administration of the Fund of Osun’s assist and additional mentioned: “For us as a state, we’ve got the duty to work productively with the Federal Authorities for the good thing about our individuals. On the subject of bringing dividends of democracy to our individuals, we’re blind to social gathering politics. Our focus is on bettering the lives of our individuals, no matter the place they arrive from.

“As a authorities, we see the Fund as a veritable platform to supply a lifeline to many needy college students in our numerous colleges. The initiative guarantees to take away the ache and hardships skilled by many good college students. Once more, we’re elated by the prospects and alternatives for our college students, therefore we’ve got launched the programme with all of the would possibly of presidency.

“We’re comfortable that our efforts have paid off with the enrollment of many Osun colleges into this system. It’s satisfying to listen to that Osun took the lead within the comity of states within the choice and compliance course of. Our subsequent plan is to additional deepen the preparedness of the chosen colleges to entry the alternatives obtainable inside the fund.”

On methods to keep away from challenges related to the funds within the states they already handle, the governor mentioned: “Nevertheless, I have to name our consideration to a lesson that we as a nation should be taught from the operation of the Loans Board. As a long-time resident of america, I’m conscious of the problem of scholar debt. It has develop into one thing of a disaster. It has additionally develop into a subject of heated political debate. It has to do with the large scholar debt within the U.S.

“We as a nation should keep away from an identical debt lure. As a result of we’ve got the grace to review different nations that handle related funds, we should keep away from the pitfalls. Our new system should incorporate mechanisms to forestall related experiences as these within the US.

“I cost the administration of NELFUND to innovate inside its mandate on make its operations sustainable. The debt lure must not ever happen in scholar loans in Nigeria.”

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