The National Association of Nigerian Students (NANS) has called on the Nigerian Education Loan Fund (NELFUND) to raise the monthly upkeep allowance for student loan recipients from N20,000 to N40,000. This appeal comes as students struggle with the high cost of living in Nigeria.
In a statement to PREMIUM TIMES, NANS Senate President Akinteye Babatunde pointed out that students are struggling financially. He said the current upkeep amount is not enough because of recent economic challenges.
“Given the increasing financial challenges, we urge the government to consider doubling the student loan upkeep from N20,000 to N40,000,” Babatunde said. “This increase is crucial for helping students manage the high cost of living and continue their education without severe financial hardship.”
The rising cost of living in Nigeria has been caused by the removal of fuel subsidies and the falling value of the naira. Inflation has also increased significantly over the past year under President Bola Tinubu’s administration.
Babatunde also urged the government to be careful with its reforms to avoid adding more pressure on low-income Nigerians. He recommended making changes gradually to reduce their impact. “We ask the government to cut down on excessive spending and set an example, especially when asking citizens to make sacrifices,” he added.
He noted that many Nigerians, especially students, are feeling frustrated and desperate because of high fuel prices and economic difficulties. “The lower class is hit hardest by these problems, so it is crucial to address them carefully and strategically,” he said.
