Students at Moshood Abiola Polytechnic (MAPOLY) in Abeokuta have begun receiving credit alerts for the student loans they applied for, according to the institution’s Rector, Dr. Adeoye Odedeji.

Speaking at the inauguration ceremony of the newly-elected Students Union Government (SUG) members on Friday in Abeokuta, Dr. Odedeji confirmed that several students had already received the funds in their bank accounts.

The Rector expressed satisfaction with the swift disbursement of the loans, noting that it would significantly ease the financial burden on many students and enable them to focus more on their studies.

He commended both the students and the administration for their cooperation in ensuring a smooth application process.

Dr. Odedeji further highlighted the importance of the student loan program in promoting access to higher education, especially for those facing financial difficulties.

He encouraged students who had not yet applied for the loans to take advantage of the opportunity, emphasizing that the initiative is designed to support their academic journey and future success.

The event also marked the official swearing-in of the new SUG leaders, where Dr. Odedeji called on them to be proactive in representing the student body and working collaboratively with the institution’s management to foster a positive and productive campus environment.

The National Association of Nigerian Students (NANS) has called on the Federal Government to focus on reducing the high cost of education rather than relying on the student loan scheme recently introduced.

NANS Senate President, Henry Okuomo, voiced this concern during an interview on Sunrise Daily, a program on Channels Television, on Friday.

Okuomo emphasized that cutting the cost of education would have a more meaningful and lasting impact on Nigerian students compared to offering loans, especially considering the country’s high unemployment rate, which may make it difficult for students to repay these loans in the future.

“For now, the process of accessing these loans is unclear. We don’t know the criteria, who the beneficiaries are, or how students can apply.

We have heard from many students who have attempted to get the loans but were unsuccessful,” Okuomo explained.

He also noted that efforts to engage with NELFUND, the body responsible for administering the loans, have so far been met with no concrete response.

Rather than offering loans with uncertain repayment options, Okuomo proposed a more effective solution: drastically reducing the cost of education at tertiary institutions.

He suggested that fees be lowered to a more affordable range, between N20,000 and N50,000, making higher education accessible to a broader segment of society.

“If education is affordable, more students will be able to attend without needing loans. Even with the loan scheme, we still don’t fully understand the repayment terms.

With many graduates unable to find jobs, how can they be expected to pay back these loans?” he questioned.

The student loan scheme, introduced by President Bola Tinubu as a key part of his administration’s education reform, was designed to support students from low-income families in paying their tuition fees at Nigerian universities and other higher institutions.

This initiative was formalized through the signing of the Access to Higher Education Act, which created the legal framework for granting financial aid to indigent students.

Despite this, NANS argues that the initiative, while well-intentioned, does not address the core issue facing Nigerian students—skyrocketing tuition fees.

Reducing the cost of education, according to Okuomo, would not only lessen the financial burden on students but also eliminate the risk of students being saddled with debt they may struggle to repay due to Nigeria’s challenging job market.

Okuomo’s remarks have reignited the conversation around affordable education in Nigeria, sparking debate about the best way to provide relief for students without further complicating their financial futures.

Making money in Nigeria requires tapping into the country’s vast opportunities by solving real problems. Whether in tech, agriculture, or creative industries, success often comes from leveraging local resources and understanding the market. Building valuable skills, networking, and embracing digital platforms can accelerate growth. Adaptability is essential, given the dynamic economy, but focusing on long-term solutions—rather than quick fixes—will lead to more sustainable income. In a country with a young, vibrant population, innovation and entrepreneurship are powerful paths to financial success.