Former Vice Chancellor of the University of Ibadan, Professor Idowu Olayinka, has commended the Federal Government for what he described as two impactful but under-publicised policies that are providing relief to Nigerian students, parents and retirees.
In a social media post made on on Thursday, January 8, 2025, Olayinka praised the Students’ Loan Scheme under the Nigerian Education Loan Fund (NELFUND), describing it as a well-thought-out intervention targeted at indigent students in higher institutions.
According to him, no fewer than 600,000 students are currently benefiting from the scheme, with each recipient receiving a monthly allowance of ₦20,000, while the Federal Government covers their tuition fees. He noted that the initiative has significantly eased the financial burden on parents and guardians, adding that the government has not adequately publicised the programme despite its far-reaching impact.
Olayinka also applauded the Tinubu administration’s reforms in the payment of pensions and gratuities to retirees in Federal Ministries, Departments and Agencies (MDAs). He recalled that in the past, retirees often waited between 18 months and two years to receive their entitlements, a situation that left many elderly citizens in hardship and unable to meet pressing medical needs.
He observed that recent reforms have drastically reduced the waiting period to less than three months, attributing the improvement to the efficiency of Pension Fund Administrators. Olayinka cited testimonies from University of Ibadan staff who retired within the last year as evidence of the progress made.
While acknowledging that the Contributory Pension Scheme (CPS) was initiated in May 2004 under former President Olusegun Obasanjo to address longstanding pension challenges, the former VC noted that several state governments are yet to fully comply with the scheme.
Describing his remarks as those of a “concerned non-partisan citizen,” Olayinka urged greater public recognition of reforms that positively impact citizens, stressing that the country has made notable progress compared to past experiences.
