Opinion
Nigeria’s Student Loan Initiative: Progress, Pitfalls, and Solutions
Published
2 years agoon
The launch of the Student Loan Programme in Nigeria, coupled with the endorsement of its Amendment bill by the administration under President Bola Tinubu, signifies a promising step towards revitalizing the nation’s education sector.
This initiative holds the potential to revolutionize the educational landscape and empower Nigerian youth, paving the way for a brighter future.
It is gratifying to note that the Federal Government has allocated five billion naira (N5bn) in 2023 supplementary appropriations and fifty billion naira (N50bn) in the 2024 budget.
However, the lack of disbursement of the loans despite the allocation of significant funds raises concerns about the effectiveness of the implementation strategies, particularly the committee-based management approach outlined in the law.
The truth of the matter is that the student loan concept is a noble and much-needed initiative by the current administration to improve access to quality Education for indigent students but may likely fail because of a lack of a well-thought-out implementation structure and operational frameworks.
Overview of Management, and Administration of the Student Loan Fund in accordance with Student Loans Acts 2023
The fund is to be domiciled in the Central Bank of Nigeria (CBN) and managed by an 11-person special committee chaired by the CBN governor, as the law stipulates in Section 5.
The special committee consists of the CBN governor as chairperson and a secretary to be appointed by the chairperson.
Membership of the committee as dictated by the law includes the ministers responsible for Education and finance, or the latter’s representatives, and the Auditor-General of the Federation.
Other members are the Chairman, the National Universities Commission (NUC), a representative of the forum of university Vice Chancellors, a representative of the forum of polytechnic Rectors, and the forum of Provosts of all Colleges of Education in the country.
Also, a representative of the Nigeria Labour Congress (NLC), a representative of the Nigerian Bar Association (NBA), and a representative of the Academic Staff Union of Universities (ASUU) are members.
This committee is saddled with the responsibility of deciding the broad modalities, including the process of application for the loan, qualification criteria to get the loan, and also the repayment plan among other details.
“The Committee shall establish regulations and guidelines for the management, administration, disbursement, and recoupment of students’ loans under this Act, and all stakeholders, including parents, the beneficiaries of the students’ loans, and the deposit banks, shall comply with the regulations and guidelines,” Section 5(5) states.”
Section 5 (2) of the Act also states that the fund “shall be domiciled with, managed, and administered by the Central Bank of Nigeria through the money deposit banks in Nigeria for the purpose set out under Section 6 of this Act.”
Meanwhile, the tenure of each member lasts through the time he/she holds the position. As soon as he/she is replaced or retired, the successor takes his/her position in the special committee, Section 8 states.
A member also ceases to be a part of the committee when he/she becomes bankrupt, convicted of a felony or any offence involving dishonesty or fraud, becomes of unsound mind, or is incapable, for any reason, of discharging his/her duties.
The Flaws of the Committee-Based Implementation Model for Nigeria Student Loans:
The committee structure outlined for managing the student loan programme in Nigeria may encounter several challenges that could hinder its effectiveness.
The federal government should rework the proposed student loan administration and management framework as encapsulated in the Acts. While there is nothing wrong with the caliber of people included in the committee, such a committee should be upgraded to a “Governing Board” to perform oversight and provide strategic leadership and corporate governance for the management of the loan, and not be involved in the day-to-day running the loan disbursement operations under a new agency called “Nigeria Student Loans Management Agency” (NSLMA).
In my view, administering a newly established student loan by a committee headed by the CBN Governor instead of establishing a Nigerian student loan agency or commission like the US Department of Education’s Federal Student Aid (FSA) and the Student Loan Company (SLC) as being practiced in the US and the UK may lead to several potential problems.
Firstly, the committee may lack the necessary expertise and experience in managing student loans, thereby resulting in inefficiencies and unoptimised processes.
Also, without a dedicated agency or commission, there may be a lack of accountability and transparency in the loan administration process.
Additionally, the absence of a specialised student loan entity could lead to delays in loan disbursement, inadequate support services for borrowers, and inconsistencies in loan policies and procedures.
Furthermore, the diverse composition of the committee, including government officials, education stakeholders, and union representatives, could lead to conflicting interests and slow decision-making processes.
Lastly, the lack of a specialised focus on student loan management within the committee may result in inefficient operations and delayed disbursement of loans.
Successful Student Loan Management Model: Comparative Analysis
In countries like the United Kingdom and the United States, successful student loan programmes are managed by dedicated agencies with specific expertise in financial aid disbursement. For instance, the United Kingdom established the Student Loans Company (SLC) who administer student loans efficiently. Similarly, the U.S. Department of Education’s Federal Student Aid (FSA) manages federal student loans effectively through streamlined processes and specialised resources.
Here are the website links for the government student loan management agencies in the US and the UK: United States: U.S. Department of Education’s Federal Student Aid (FSA): https://studentaid.gov/
FSA manages federal student loans in the US, including direct loans, PLUS loans, and federal Perkins loans.
United Kingdom:
Student Loans Company (SLC): https://www.gov.uk/student-finance
SLC handles student loans and grants for students in England, Scotland, Wales, and Northern Ireland.
Advocating for a Dedicated Student Loans Agency to Manage Nigerian Student Loans:
(Appeal for Review and Action: The Way Forward)
1. To ensure the success of the student loan programme in Nigeria, the implementation model needs to shift towards establishing a dedicated agency such as the Nigeria Student Loans Management Agency (NSLMA).
This agency would be solely focused on managing student loans, with a clear mandate and expertise in loan administration. By emulating successful models from countries like the United Kingdom’s Student Loans Company (SLC) and the United States’ U.S. Department of Education’s Federal Student Aid (FSA), as earlier emphasized Nigeria can streamline loan disbursement processes, this will enhance transparency, and improve efficiency in managing student loans.
2 In light of the potential challenges posed by the current committee-based implementation model for the student loan programme, it is crucial for the Nigerian government to reevaluate its approach. A call is made to President Bola Tinubu and the National Assembly to consider amending the existing legislation to establish the Nigeria Student Loans Management Agency (NSLMA) for the effective management of student loans.
3. The Federal Government should set up a panel and committee to visit and study US-FAS and the UK student loan companies to gain insight into their operations.
4. The Federal Government should consider establishing the Nigeria Student Loans Management Agency (NSLMA) to be managed by top-notch professionals in order to guarantee the loan’s scheme effectiveness, proper accountability, easy access to the loans by the students, and overall sustainability of the scheme.
5. To address the shortcomings of the committee-based model in Nigeria, the establishment of the Nigeria Student Loans Management Agency (NSLMA) is hereby proposed. The NSLMA would serve as an independent agency solely dedicated to managing student loans in the country.
Key Functions of NSLMA:
Loan Disbursement: The NSLMA would be responsible for overseeing the disbursement of student loans in a timely and efficient manner.
(a) Loan Administration: Managing the administrative processes related to student loan applications, approvals, and repayments.
(b) Regulatory Oversight: Ensuring compliance with regulations and guidelines related to student loan management.
(c) Stakeholder Engagement: Collaborating with Educational institutions, financial institutions, and student associations to enhance the effectiveness of the student loan programme.
(d) Evaluating loan applications and determining eligibility criteria
(e) Providing financial counseling and support services to loan beneficiaries
(f) Monitoring loan performance and enforcing repayment agreements
Composition and Structure of NSLMA:
1. Governing Board: Comprising individuals with expertise in finance, education, and governance, the Board would provide strategic direction and oversight to the NSLMA. The current management compositions as stipulated in the Loan Acts 2023 can be upgraded or converted to the Governing Board.
2. Executive Leadership: A dedicated team of professionals, including a Chief Executive Officer and key executives, would be responsible for day-to-day operations and decision-making.
3. Specialised Departments: Divisions focusing on loan processing, customer service, compliance, and data management would ensure the efficient functioning of the NSLMA
Parting Words:
The success of Nigeria’s Student Loan Programme hinges on the effectiveness of its implementation strategies. By recognising the limitations of the committee-based model and advocating for the establishment of a dedicated student loan agency, Nigeria can overcome obstacles and pave the way for a more inclusive and sustainable education financing system.
It is time for Nigeria to prioritise the needs of its students and invest in a robust and independent student loan management agency to drive positive change in the Education sector.
Oroge is the Chief Executive Officer of Debt Doctors Consulting Services International Limited, a firm specializing in credit, debt, and financial advisory services.
He can be contacted via WhatsApp at 08023551457 or by email at saoprofessional@yahoo.com.
Opinion
Seven Factors That Keep Sharafadeen Alli Ahead in 2027 Oyo Governorship Race
Published
2 days agoon
September 14, 2026By
Bisi Oladele
Fact 1: Homegrown Leader with Unmatched Grassroots Experience
Senator Alli’s political journey began at the grassroots level in Ibadan, where he made history in 1991 as the first democratically elected Executive Chairman of Ibadan North Local Government. This early leadership role demonstrates a deep, foundational understanding of local governance and the needs of the people, a critical asset for a state governor.
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Fact 2: Rare Combination of Top-Tier Academic and Professional Credentials
Senator Alli is not just a politician but also a distinguished legal practitioner with a Ph.D. in Legislative and Strategic Studies. His extensive education, including degrees from the University of Ibadan, combined with his fellowships from prestigious professional institutes, provides him with the analytical, legal and strategic acumen required to manage the complex affairs of Oyo State.
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Fact 3: Proven Executive Administrative Competence at the Highest State Level
His tenures as Secretary to the Oyo State Government (SSG) and later as Chief of Staff (CoS) to the Governor showcase his direct experience in the engine room of state administration.
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He has been intimately involved in policy formulation, committee leadership and the day-to-day running of the state, making him uniquely prepared to assume the governorship and hit the ground running from day one.
Fact 4: Demonstrated Executive Business Leadership with Regional Impact
As Chairman, Board of Directors of Odu’a Investment Company Limited, Senator Alli was not just an administrator but a visionary economic leader. He spearheaded landmark investments such as the Cocoa Mall and Heritage Mall in Ibadan, which transformed the economic landscape of Oyo State. This proven ability to attract and drive large-scale economic development is directly transferable to governing Oyo State.
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Fact 5: Battle-Tested and Consistent Political Figure
Senator Alli’s political career spans more than three decades, weathering the annulment of his 1996 Senate election and consistently remaining a relevant and influential force. He has contested for Deputy Governor and Governor in the past, giving him a comprehensive understanding of statewide campaigns and the diverse political landscape of Oyo State. His journey demonstrates resilience, deep political networks and unwavering commitment.
Fact 6: Current, Performing Senator and Influential Figure
As the sitting Senator for Oyo South, he is actively delivering quality representation, impactful constituency projects and people-oriented legislation. He has sponsored five Bills and raised six Motions to promote development. Senator Alli has also facilitated employment for 100 constituents across Federal Government agencies.
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His role as Chairman of the Senate Committee on Agricultural Colleges and Research Institutions, as well as his membership in the ECOWAS Parliament, demonstrate that he is not only focused on local issues but is also equipped with a broader perspective on governance, trade and regional integration.
Fact 7: Unifying and Respected Traditional Title Holder
Senator Alli’s position as the Ekaarun Balogun of Ibadanland, one of the highest-ranking chieftaincy titles in the ancient city, signifies his deep-rooted connection to tradition and his standing as a respected community leader.
His reputation as a calm, wise, simple, relatable and inclusive bridge-builder who unites people across political, religious and ethnic divides positions him as a leader capable of fostering peace, stability and consensus across the entire state.
Oladele is the Director of Media & Publicity, Senator Sharafadeen Alli Campaign Organization.
Opinion
Oloye Lekan Alabi: Memories Ere Death Beckoned Both Caller and Called |By Wole Adejumo
Published
1 month agoon
August 7, 2026By
Mega IconThe young lady who usually delivers packaged moinmoin for members of staff who want it for lunch came in as she usually did, and after the exchange of pleasantries, I asked if she knew the difference between Ọọlẹ and Moinmoin. My colleagues looked at me strangely when I disagreed with her response that both were the same. I promised to tell her the difference later. I, however, told my colleagues the difference as explained to me by Oloye Lekan Alabi. Though a suave, urbane and sophisticated Ibadan chief, he took time to explain the similarities and differences as we prepared for the annual Oke ‘Badan Festival some years back.
He had retired from the service of Odua Investment Company Limited, where he demonstrated competence and character then, but that did not in any way diminish his encyclopaedic knowledge of history. He sat beside the Aboke, Chief Ifamapowa and some other stakeholders at the press conference heralding the ceremony that year.
My first real contact with him happened after I had written a short piece, ‘The Man Who Would Be King’, about him. Oloye, who bore the titles of Jagun Olubadan and Akogun of Lalupon agreed to have an interview. My Bureau Chief, Bola Davies (now of blessed memory) directed me to go and when I got to his office in Cocoa House, he thanked me for wishing him well. He thereafter took time to explain the Olubadan ascension system. The interview was published in one of the earliest editions of City People Quarterly back then. That interview and some other things I wrote about him eventually earned me a mention in one of his books.
Oloye Alabi was no doubt an aficionado when history, music and culture are up for discussion. Of course, with his rich cultural heritage, he stood out anywhere and everywhere. Little wonder His Imperial Majesty, the Ooni of Ife hosted his investiture when he was appointed as the first Cultural Ambassador of the National Museum, Ile Ife. His immense breadth of knowledge will give him a place in history just as it did to the likes of Chiefs John Adeyemi Ayorinde, Theophilus Akinyele and Alaafin Lamidi Adeyemi III. His love for good music too was more than obvious. Like a true connoisseur, he did everything with class and style. He wrote countless articles about Chief Commander Ebenezer Obey, King Sunny Ade, Chief Eddy Okonta and many more. His love for Yusuf Olatunji’s Sakara music defied competent description. It was so great that he named his youngest son after the Sakara legend.
In one of his many philosophical volumes, ‘Baba L’Egba’ as Olatunji was fondly called, sang that “o ye ka ni ‘fura taa ba nsin ale eni lo” (one should be watchful when seeing off a concubine) and the only person I felt I could ask what was on Baba L’Egba’s mind then was Oloye ‘Lekan Alabi. Sadly, the auspicious time to ask never came.
A reception was once hosted in his honour by Ambassador Ibironke Adefope at Bodija and it was regal! Everyone who mattered came to honour Oloye ‘Lekan Alabi. Reporting the event for City People then, one of the most unusual sights was Otunba Adebayo Alao-Akala, the then Deputy Governor of Oyo State. His simplicity was indescribable. Aside driving his convertible BMW, he came in a yellow sweatshirt and jeans.
And when he turned 60, it was like everyone else joined the Ibadan establishment to celebrate Oloye ‘Lekan Alabi. Aare Arisekola Also spoke about the celebrant in glowing terms as he emphasized that Oloye Alabi was indeed a man destined for greatness. The party afforded me the opportunity of seeing Alhaja Batile Alake live on stage. Her sonorous voice actually brought great childhood memories of when songs of Batile Alake, Olubowale Ajasco, Alalaye Ilorin and others were regular on the television.
Apart from his respectable dress sense and indepth knowledge of issues, other admirable traits of the late Abese Olubadan were his timeliness and punctuality. He once told me the story of how he had suggested that card be presented to the then military President, General Ibrahim Babangida on the birth of his baby girl back then. It turned out that the picture of where he handed the card over was published in dailies the following day. Apart from personal discipline, working with four Governors of Oyo State obviously rubbed off on him, he never attended an event late. There was a day we had to apologize as we started an event behind schedule at the Premier Hotel, Ibadan. He was about the first guest and after accepting our apologies, he didn’t become vexatious, rather, with a smile he told us that he would be in his room upstairs. He said all we needed to do was put call through to him when we were ready to start the programme.
I stood close by him at certain event and heard Chief Lateef Oyelade praying for Oloye Alabi who had just greeted him in Yoruba, he said “Olubadan o kan o” (may it be your turn to become the Olubadan). Like many of his mentees, I looked forward to seeing him on the exalted Olubadan throne, it was however not to be.
Reflecting on those golden days of celebrity journalism; the Bodija reception, the grand 60th birthday, the laughter of legends now silent; one is reminded that time eventually beckons both the caller and the called. Bola Davies, His Excellency, Otunba Alao-Akala, Aare Arisekola Alao, Chief Lateef Oyelade, Ambassador Adefope and now Oloye himself have all answered that ultimate call. Though the exalted Olubadan throne eluded him, Oloye ’Lekan Alabi leaves behind a legacy as towering as Cocoa House itself. Like his noble forebears – Oyetunde Olundegun, ‘Erin o P’ojo Logun’, and Ekerin Suberu Ajengbe, he came, he saw, he lived with unmatched panache, and he left an indelible mark on the sands of time.
Adejumo sent this piece from Ogbomoso
Opinion
Beyond Deportations: What South Africa’s Immigration Crisis Reveals About Nationhood and Economic Frustration
Published
2 months agoon
July 9, 2026By
Mega IconThe popular saying that “one good turn deserves another” appears increasingly absent from present-day South Africa’s national consciousness. It is difficult not to ask whether many South Africans have forgotten the history of their country’s liberation and the immense sacrifices made by Nigeria and other African nations in the long struggle against apartheid.
For days, I have been deeply troubled by reports of South Africa’s worsening immigration crisis and the forceful, vigilante-style eviction of African migrants, particularly Nigerians. Beyond the headlines are broken families, shattered dreams and livelihoods painstakingly built over many years. It is a painful development that should concern every African who once believed in the ideals of continental solidarity.
Anti-immigrant sentiments in South Africa are not new. For more than two decades, campaigns against foreign nationals have been fuelled by high unemployment, widespread poverty, rising crime and frustration over inadequate public services. Many South Africans believe undocumented immigrants compete with them for jobs, housing, healthcare and social services, thereby denying citizens access to these basic necessities.
Yet, available evidence tells a more complex story. Research has consistently shown that immigrants alone cannot be blamed for South Africa’s economic and social challenges. Reducing such deep-rooted problems to the presence of foreign nationals oversimplifies a crisis that has been decades in the making.
What is often overlooked is the country’s structural economic reality. A significant skills mismatch, coupled with weaknesses in the quality of education, has left many job seekers ill-equipped for the demands of an economy increasingly driven by technology, innovation and specialised skills. This challenge is not peculiar to South Africa. Across much of sub-Saharan Africa, thousands of graduates enter the labour market every year without the technical, vocational and digital competencies employers now demand.
Beyond this, crime, insecurity, systemic corruption and poor governance continue to weigh heavily on South Africa’s economy. The country has one of the highest youth unemployment rates in the world. Persistent violent crime discourages investment, while corruption and the mismanagement of public resources have weakened service delivery, slowed infrastructure development and eroded investor confidence.
Equally significant is the enduring legacy of apartheid. More than three decades after democracy, inequalities in education, housing, infrastructure and economic opportunities remain deeply entrenched. Many Black communities still live with the consequences of decades of institutional discrimination and economic exclusion.
Against this backdrop, blaming undocumented immigrants for South Africa’s economic difficulties amounts to little more than scapegoating. It is a convenient narrative that diverts attention from the country’s more fundamental governance and developmental challenges.
The recurring xenophobic attacks against Nigerians and other African nationals make the situation even more painful. The recent killing of Emeka Iroegbu and Musa Yunana Joe on June 28, 2026, amid rising anti-migrant tensions, is a tragic reminder of how dangerous such sentiments can become.
One cannot help but ask: Is this the same South Africa for which Nigeria and many other African countries stood firmly during the anti-apartheid struggle?
I vividly remember growing up in the 1980s, listening to songs such as Free Mandela and Stop Apartheid in South Africa by iconic Nigerian musicians, including Majek Fashek, Onyeka Onwenu and Sonny Okosun. Those songs dominated the airwaves on NTA and became powerful symbols of African solidarity.
As a child, I even believed Nelson Mandela was Nigerian because Nigerians embraced his cause with such passion.
Mandela was released from prison in 1990 and became South Africa’s first Black President in 1994, bringing an end to decades of institutionalised racial segregation and apartheid. Today, just over three decades later, many Africans who once stood shoulder to shoulder with South Africans in their darkest hour are treated as unwelcome strangers.
History can be painfully ironic.
Perhaps, then, the saying that one good turn deserves another does not always reflect reality. Human beings are capable of repaying kindness with hostility. It is an uncomfortable truth, but one that life repeatedly teaches.
At a personal level, this reminds us to live with fewer expectations and strive for greater self-reliance. A heart that expects little, even after giving much, is less likely to be broken.
At the national level, however, the lesson is far more profound. Nigeria must build a country where its citizens can thrive without feeling compelled to seek survival elsewhere. Studies have shown that the overwhelming motivation behind the Japa phenomenon is the search for better opportunities and improved living conditions. If those opportunities existed at home, many Nigerians would gladly remain and contribute to national development.
The experience in South Africa—and, indeed, recent developments in the United States—demonstrates that immigration policies are shaped by changing political realities. No foreign country offers permanent guarantees.
Although the U.S. Supreme Court recently ruled against President Donald Trump’s executive order seeking to abolish birthright citizenship on constitutional grounds, the episode illustrates that even long-established policies can become subjects of political contestation. A constitutional principle that has existed since 1868 could still become a matter of national debate. That alone should remind us that every nation ultimately prioritises its own interests.
The enduring lesson is simple: no country can offer Nigerians greater long-term security than a well-governed Nigeria.
Nigeria’s greatest asset remains its people. Sustainable national prosperity can only be built through visionary leadership, accountable institutions, respect for the rule of law and responsible citizenship. When government creates an enabling environment and citizens embrace innovation, productivity and accountability, Nigeria can become a destination for investment rather than a source of economic migration.
As dozens of Nigerians return home following their repatriation from South Africa, government must move beyond sympathy and symbolic gestures. Some have returned with nothing more than the clothes they wore and a single travelling bag, leaving behind businesses, investments and years of hard work. Their return is not merely a journey home; for many, it is the painful collapse of dreams painstakingly built over decades. They deserve meaningful support to rebuild their lives and contribute productively to the nation’s economy once again.
History teaches that nations are strengthened not by chasing away strangers but by creating opportunities for their own citizens. Nigeria must therefore draw the right lessons from South Africa’s painful experience. Rather than exporting its brightest minds in search of survival, it should become a country where talent is rewarded, enterprise is encouraged and hope no longer requires a passport. Only then will Nigeria become not merely the giant of Africa by population, but by the quality of life it offers its people.
Olusegun Hassan, Ph.D
Public Policy Analyst and Social Commentator