By Clement Abayomi
“NELFUND don pay!” Naomi screamed so loud her roommates thought she had won a scholarship abroad that morning. In a matter of seconds, one girl from the hostel block ran out of her room with unplaited hair, another with a piece of bread reduced to a shapeless figure in her hand. Within that moment, they heard someone shout, “Let’s go and check our accounts!” For some time, excitement filled the hostel like fresh wind. A number of them were already planning how to spend the upkeep money, some for textbooks, some for food, and one very serious guy said “Just for academic purposes.” But after the heat of the excitement cooled, reality gently marched in. “Wait o,” Naomi laughed but quickly stopped, “we’ll still pay this money back, abi?”
This is a sharp question that apparently captures the mood of many Nigerian students; they are happy for the relief, but unsure of what the future holds.
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Tinubu’s Student Loan Scheme has become one of the newest topics among Nigerian students. Some call it a blessing, others call it a trap. Whichever one it is, everyone is watching closely to see how things will turn out to be. Although many students are excited about the loan, others are full of questions and doubts. Some see it as a chance to finally complete their education; others fear it could become another government promise that fades away. This article presents various students’ thoughts on the loan scheme.
As an entry point, the Student Loan Scheme has been hailed by government officials as one of the most significant educational investment programmes in Nigeria’s history. Premium Times Nigeria reported that the initiative as a “bond to secure the nation’s future and a promissory note to a prosperous destiny for many young Nigerians.” It is designed to reduce financial barriers and ensure fair access to higher education for all. The loan is open to full-time students in public universities, polytechnics, colleges of education, and vocational schools. The managing body, the Nigerian Education Loan Fund (NELFUND), has insisted that no part of the country will be left out.
Truly, authorities have emphasised the initiative as a remarkable reform, students themselves hold mixed feelings. Praise, a graduate of Lagos State University (LASU), revealed that while she finds the scheme “a nice way to empower students,” she remains “skeptical about the payment plan in the future.” She acknowledged the potential for job creation through the scheme but wondered if the government’s empowerment framework might also serve as a means to monitor repayment.
“But away from that doubt, I think it’s a nice way to empower students so they can get access to education without having to starve or wail in hunger. Perhaps, paying it back will not be so much of a big deal, I hope. My point is that, it sounds great but like every loan, it has to be paid,” she said.
Praise further expressed concern about some students who may take advantage of the system despite not needing financial aid. She said, “There is no way of knowing who actually truly needs the loan and who doesn’t, which I think is a major setback. For example, my ‘wealthy’ roommate applied for the loan just so that she can spend the school fees that her dad sends to her”.
Deborah from Kwara State University expressed concern about the availability of jobs for students who applied for the loan.
“I was a beneficiary of the loan. It came at the lowest point of my life, because I was already preparing to drop out of school. The loan for tuition fee and monthly upkeep came at the right time, and I felt a part of myself relieved. My thoughts? I’d say it’s an ease for students who might be facing difficulties in paying up their tuition fee, and the aspect I love is the repayment of loan after two years of service, which is really good for many of us. However, will there be jobs available for us to repay the loans? I hope and pray so.”
In her opinion, Motunrayo from LASU described the scheme as “a good initiative to reduce the financial burden of people”, a programme she believes will particularly help students who are facing financial challenges. However, she further revealed that she feels unsettled about the repayment process, a question that is still on the mind of many students.
Speaking on the loan scheme, Christianah Obasi explained that the initiative “makes education a bit more accessible”, acknowledging the monthly upkeep allowance that comes with it.
She further stated, “Other countries have been doing it for years, so it’s nice that Nigeria has adopted it. It really has no downside, in my opinion, I like it.”
Summing up her view, she noted that the upkeep amount is small, yet admitting that “it is nice to look forward to the money at the end of each month.”
For Modupe, a LASU graduate, the major concern seems not to be in the concept but in the credibility of implementation. He said:
“. . . it’s a good initiative. Many fraudulent websites claim to be like this. So, much investigation should be put into this before consideration.”
His concern, specifically, reflects an increased online scam problem that often targets unsuspecting applicants seeking educational aid.
Not everyone is optimistic. Hassan Taiwo, National Coordinator of the Education Rights Campaign (ERC), argued on SaharaTV that the policy might repeat the failures of past governments.
“From our research, we realized that this loan policy has never worked anywhere in this country. This loan policy was also introduced by the military regime and it failed after a few years,” he said.
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To end with, Tinubu’s Student Loan Scheme is one of the key programmes under the Renewed Hope agenda. Its success, however, depends on a number of things. These include trust, institutional cooperation, and transparency in disbursement, among others. How well NELFUND delivers (on) its promise that no one will be left behind is also a major concern. This has left room for Nigerians to further question the credibility, efficiency, and future of the loan scheme.
