The Academic Staff Union of Universities has advocated for the change of the Nigerian Educational Loan Fund to grants.
Prof. Emmanuel Osodeke, national president of ASUU, commented in response to the N850 million announced by NELFUND for payout last Wednesday.
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President Bola Tinubu approved N35 billion for the scheme's launch after signing the enabling legislation on April 3.
During his remarks on the continuing protest, Tinubu stated that another N46 billion was available for distribution.
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Approximately 1.2 million kids are expected to profit from the initiative.
NELFUND reported that it has disbursed a total of N1.17 billion to 20,000 students across five public tertiary schools that sought the loan.
Osodeke stated that if the Federal Government could give certain people N90 billion for Hajj prayers, there was no reason why the government couldn't give N35 billion in NELFUND loans to student grants.
"If we live in a country where you can provide N90 billion to people for Hajj and N35 billion as loans to Nigerian students who will become future leaders and serve in various parastatals. Even in countries where student loans are available, people commit suicide.
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Osodeke further stated that the student loan will place beneficiaries in persistent difficulty after graduation.
"Even in the United States, where there are jobs, the president had to pay loans for those who were unable to repay them recently.
"Giving loans in Nigeria, where people are not guaranteed a job for 10 to 20 years after graduation, is unfair. They are making life more difficult for students and generating more opportunities for instability. They want to burden impoverished kids with loans, which is not fair.
"They should convert it into grants," he stated.
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