VCs seek establishment of education bank, says tuition-free education no longer realistic

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The Committee of Vice Chancellors of Nigerian Universities, CVCNU has said that it is no longer realistic to have tuition-free university education in the country.

The CVCs also canvassed a policy change which would enable parents, guardians, and government to equitably share the financial burden of education.

In a communiqué issued on Monday by its Executive Secretary and former Vice Chancellor of the Obafemi Awolowo University, Ile-Ife, Prof. Michael Faborode, at the end of its two-day national conference in Abuja, the group called on the government to establish an Education Bank to provide loans to students.

The VCs also called on the government to increase the level of scholarships, bursaries and other aids for students desirous of pursuing tertiary and postgraduate education.

The communique reads: “The current inclination towards free tuition or free university education is unrealistic to the national vision for practical and qualitative education and not sustainable. On what should constitute the true cost of university education, and to equitably share the financial burden of education, universities are encouraged to canvass a change in policy to enable students to pay revised fees commensurate with the true value of university education

“To account and provide for poor and indigent students, government is encouraged to set up/re-establish an Education Bank to provide loans and access to finance. This will enable students to pay revised fees commensurate with the true value of university education.”

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