Analyst says student loan worsens parents’ financial burden in Nigeria

Political analyst Kabiru Ojo says Nigeria’s student loan scheme has increased financial pressure on parents rather than easing it. Speaking to DAILY POST, Ojo said the programme has benefited fewer than 70% of eligible students, leaving many families to cover rising tuition fees that have jumped from ₦20,000–₦30,000 to over ₦100,000, with some institutions charging up to ₦200,000.

He noted that the monthly stipend of ₦20,000 for beneficiaries is often delayed by two to four months, and sometimes only partial payments are made, leaving students without reliable income. Accommodation costs have also risen sharply, from about ₦30,000 to more than ₦100,000, adding to the burden.

Ojo argued that the loan would be more effective if it covered all eligible students who opted in, and cited international examples where broad state support eases access to higher education despite high tuition. He warned that without timely payments and broader coverage, more students may drop out as families struggle to meet costs.

Given delayed stipends and rising education costs, will you rely on the loan scheme, seek alternative funding, or advocate for broader coverage and timely payments for your child’s education?

SOURCE: https://dailypost.ng/2026/08/03/student-loan-has-brought-more-hardship-to-parents-kabiru-ojo/