A wave of relief has swept across Nigerian university campuses as students begin to receive the N20,000 loan disbursed by the Nigerian Education Loan Fund (NELFUND). The disbursement, which commenced on August 5, 2024, has provided a much-needed financial lifeline for many students grappling with the rising cost of living.
A total of 20,371 students from six tertiary institutions – Bayero University, Kano; Federal University, Dutsin-Ma; University of Ilorin; University of Benin; University of Ibadan; and University of Maiduguri – have benefited from the initial phase of the loan scheme. The funds, credited directly to students’ accounts, have offered immediate respite from financial constraints.
Many students have expressed gratitude for the timely intervention, describing the loan as a game-changer. With the funds, they have been able to purchase essential items such as food, toiletries, and textbooks. Some have even ventured into small-scale businesses to supplement their income.
“I can’t believe I finally have some money to buy food,” said a student from the University of Benin. “I’ve been surviving on noodles and bread for weeks. This loan has come as a huge relief.”
Another student from the University of Ibadan shared similar sentiments, stating, “The N20,000 might not seem like much, but it has made a big difference in my life. I was able to buy some groceries and pay for transportation.”
The NELFUND initiative is a step in the right direction towards addressing the financial challenges faced by Nigerian students. However, some critics argue that the N20,000 loan is insufficient to meet the rising cost of living and that the repayment terms should be more flexible.
The Academic Staff Union of Universities (ASUU) has also weighed in on the issue, calling for the conversion of the loan scheme into grants. The union argues that students are already burdened with academic pressures and should not be subjected to additional financial burdens.
Despite the criticisms, the disbursement of the N20,000 loan has undoubtedly brought temporary relief to many students. It has also highlighted the urgent need for sustainable solutions to the financial challenges facing the Nigerian education sector.
As the NELFUND scheme progresses, it is expected that more students will benefit from the loan facility. The government has pledged to expand the program to cover a larger number of beneficiaries in the coming months.
The success of the NELFUND initiative will depend on factors such as effective loan recovery, transparent disbursement processes, and the ability to meet the evolving needs of students. With careful planning and implementation, the scheme has the potential to make a significant impact on the lives of Nigerian students and contribute to the overall development of the education sector.
In the meantime, the N20,000 loan has provided a much-needed lifeline for many students, allowing them to focus on their studies without the added burden of financial worries.
