The National Association of Nigerian Students (NANS) is calling for a significant increase in student loans, from N20,000 to N40,000, in response to the recent hike in fuel prices.
This appeal was made by NANS Senate President, Babatunde Akinteye, during a press conference in Abuja on Monday.
Akinteye emphasized that the proposed increase is essential to help students manage the rising cost of living, ensuring they can continue their education without undue financial hardship. He also urged the Federal Government to rein in excessive spending, stressing the importance of leading by example during these challenging economic times.
“We find ourselves at a pivotal juncture in our nation’s history, where the weight of economic reforms has cast a shadow of discomfort, hunger, and despair across our land,” Akinteye said.
He expressed concern over the severe impact of fuel price hikes on students and the wider population, advocating for strategic and measured responses rather than immediate protests.
Akinteye urged for patience and calm, highlighting that although President Bola Tinubu’s reforms are difficult, they are expected to bring about positive outcomes.
He noted, “The reality we face today is daunting, and the uncertainty of these times cannot be understated. Yet, amid these challenges, we must stand united and clear-headed.”
Addressing issues such as foreign exchange instability and fuel shortages, Akinteye called on the government to address these challenges with careful deliberation. He emphasized that while the economic strain is particularly severe for low-income groups, it is critical to avoid rash decisions.
“The safety of every Nigerian student is a top priority of NANS,” Akinteye concluded, reaffirming the association’s commitment to protecting students from the potential dangers of protests.
The fuel scarcity has resurfaced in major cities such as Lagos and Abuja, with long queues observed at the few filling stations still selling petrol.
The Nigerian National Petroleum Corporation (NNPC) Limited has raised petrol prices in Lagos to N855 per litre due to the ongoing scarcity. Nairametrics’ findings revealed that prices at some NNPC stations have surged to between N865 and N897 per litre, a steep rise from the previous N568 per litre.
This price increase follows NNPC’s recent acknowledgment of its struggle to supply petrol, owing to a substantial $6 billion debt owed to international oil traders.
The Nigeria Employers Consultative Association (NECA) has condemned the price hike, arguing that it places an unfair burden on Nigerians. NECA’s Director-General, Mr. Adewale-Smatt Oyerinde, voiced his concerns, criticizing the new pump prices of Premium Motor Spirit (PMS).
