FIC Report (Oyo State) – A graduate of the University of Ibadan, Nigeria, Makinde Raphael Tobi, has stated that the student loans of the Government of President Bola Ahmed Tinubu brought peace to his academic life.
Makinde, a graduate of the Department of Philosophy of the University, said he benefited from the student loan in 2025.
Tobi Makinde said the loan enabled him to pay his tuition fees and receive a monthly upkeep allowance of N20,000 for a period, which he described as the most significant benefit to him.
According to him, the allowance helped him meet some of his daily financial needs while studying.
“I collected the loan so that my financial demands could be eased. When a student’s economic life is at peace, his learning process will be affected positively,” he said.
According Tobi Makinde, the financial support by the Federal Government gave him peace of mind and confidence that he would receive assistance each month.
Describing the scheme as “mind-blowing and empowering”, he urged the government to establish an accessible repayment system for beneficiaries after graduation.
He suggested that graduates who remain unemployed after the National Youth Service Corps (NYSC) programme could be provided with employment opportunities, with an agreed portion of their salaries deducted periodically until their loans are repaid.
This experience has not been limited to Tobi Makinde. Other students and graduates of the University of Ibadan (UI) who benefited also from the Nigerian Education Loan Fund (NELFUND) have described the loan scheme as a major intervention that eased financial pressure and helped them continue and complete their university education.
The beneficiaries, who spoke about their experiences with the scheme, highlighted payment of tuition fees, monthly upkeep allowances and the ease of the application process as some of the major benefits.
One of the other beneficiaries, Adesola Bukola James, a final-year Biochemistry student at the University of Ibadan(UI), said financial difficulty prompted her to apply for the loan.
Miss James said the scheme reduced the financial burden on her parents by helping them to cover her tuition fees.
“It has made my academic journey smoother. The loan covers my fees, so my parents don’t have to borrow from people or delay payment. That means I can stay in school without interruptions,” she said.
She identified the ease of application as the aspect of the programme that impressed her most, noting that the process could be completed online without having to queue at an administrative office.
“Everything can be done online in less than 30 minutes. Even my records have been saved; I don’t need to start the registration over again. I just reapplied,” she said.
Similarly, Makinde Akinjide Damilare, a Bachelor of Education graduate of UI, said he applied for the loan in his final year to ease the difficulty of raising money for tuition.
Damilare said the financial support, particularly the upkeep allowance, helped him meet some personal needs and reduced the pressure he faced while studying.
However, he said he sometimes worried about how he would repay the loan after completing his programme.
He described NELFUND as an initiative capable of expanding access to tertiary education and reducing the financial burden on students and their families.
For Sunday Oyebode, a graduate of the Department of Social and Environmental Forestry at UI, the student loan was instrumental in helping him complete his university education.
Oyebode said he benefited from the scheme during his penultimate and final years after rising tuition fees became increasingly difficult for him to afford.
“The greatest benefit is that it made me complete my university education. I can say I am a graduate because of the loan,” he said.
He recalled that he had been close to dropping out after struggling to pay his fees during his third year.
Oyebode also praised the ease of application, particularly the reduction of physical and bureaucratic hurdles. He said the submission of students’ details by institutions also helped reduce the possibility of errors during the application process.
He described the student loan scheme as a positive intervention, saying it demonstrated that government could provide financial support to students and make tertiary education more accessible.
The beneficiaries’ experiences suggest that beyond tuition support, the NELFUND scheme has provided financial relief, reduced pressure on families and, in some cases, enabled students to remain in school when they might otherwise have been forced to withdraw.
However, they also highlighted the need for improved communication, timely processing of applications and upkeep payments, as well as a clear and flexible repayment framework that would not place undue financial pressure on graduates.
Report by Israel Arogbonlo, I&PROII.
Edited by Moses Oyelade(I&PR), FIC, Ibadan.
