Political analyst, Kabiru Ojo has criticised the Federal Government’s student loan scheme, saying it has placed more financial pressure on parents and has had only a limited impact on Nigeria’s education system.
Speaking in an exclusive interview with DAILY POST on Sunday on the state of the country’s economy and education sector, Ojo said the hardship facing Nigerians remains severe.
He argued that the student loan programme has not delivered the expected benefits.
According to him, many students are yet to benefit from the scheme, leaving parents to shoulder rising education costs.
“The student loan has brought more hardship to parents. It has had only a minimal impact on the education system because it has not covered even up to 70 per cent of Nigerian students,” he said.
Ojo argued that the introduction of the loan coincided with significant increases in tuition fees in many tertiary institutions, making it more difficult for students who are not beneficiaries.
He recalled that in the past, many students were able to raise between ₦20,000 and ₦30,000 through temporary jobs during school breaks to pay their fees and continue their education.
However, he said many institutions now charge over ₦100,000, while some charge as much as ₦200,000, making it almost impossible for students to earn enough money within a short period.
“Some students now have to leave school because they are not beneficiaries of the student loan. Before now, school fees were affordable enough for students to hustle for one or two months and raise the money. Today, fees have gone above ₦100,000 and even ₦200,000 in some schools. Where will students get that kind of money within one or two months?” he asked.
The political analyst maintained that the programme would have been more successful if it covered every eligible student, except those who chose not to participate.
“The student loan could have been good if it had covered all students except those who are not willing to take it,” he said.
Ojo claimed that governments in countries such as the United States provide broad financial support for students, making access to higher education easier despite high tuition costs.
He also accused those managing the scheme of failing to pay beneficiaries their monthly stipends consistently.
According to him, although beneficiaries are supposed to receive a monthly stipend of ₦20,000, payments are often delayed for several months, while in some cases only part of the outstanding amount is paid.
“Sometimes students go for two to four months without receiving anything. When the money finally comes, they may receive payment for only one or two months while the remaining months are ignored. How are those students expected to survive?” he asked.
Ojo further argued that the loan does not cover accommodation, which has become one of the biggest financial challenges for students.
He noted that accommodation that once cost around ₦30,000 now goes for more than ₦100,000, leaving many students and their families struggling to meet the costs.
“The ₦20,000 monthly stipend, which is not even paid regularly, has only a minimal impact on students’ lives. It does not cover accommodation or other rising living costs,” he said.
According to him, students and their parents are now under greater financial pressure than they were before the introduction of the loan scheme because inflation has significantly increased the cost of education and living.
He prayed for God to guide the country and give Nigeria leaders who would improve the nation’s fortunes.
Ojo also criticised the Tinubu administration over the implementation of the programme, arguing that a policy promoted as one of the government’s achievements should not be marked by irregular payments.
“If the student loan is one of the government’s achievements, why are beneficiaries not receiving their monthly stipends as promised? Imagine an employer refusing to pay workers for four months and then paying only two months. Will those workers be happy? That is what many students are facing Today,” he said.
Student loan has brought more hardship to parents – Kabiru Ojo