President of the Academic Staff Union of Universities (ASUU), Prof. Emmanuel Osodeke, has said the pledge by All Progressives Congress (APC) presidential candidate, Bola Tinubu, to provide students with loans if elected is not viable and implementable, adding that it will be another form of bondage.
He proposed that instead of the credit facility, there should be an increase in education tax from 2.5 to 10 per cent to fund infrastructure in Nigeria’s universities, noting that 10 per cent of the profits from large corporations should be invested in the education sector.
In his remarks, Chief Executive Officer of Financial Derivatives Company, Bismark Rewane, also faulted the proposed loan scheme as being unviable, advising that money saved from subsidies should be deployed to fund education. While reacting to Osodeke’s proposal, Rewane stated that the tertiary education tax is not right at the moment.
Fiscal Policy Partner and Africa Tax Leader, PwC, Taiwo Oyedele, also disagreed with Osodeke, stating that the education tax had recently increased just a year ago.
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