By Sulyman Pakoyi
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University students across Nigeria are increasingly burdened by the soaring cost of living, as inflation continues to drain their limited budgets.
According to the National Bureau of Statistics (NBS), the country’s inflation rate surged to 33.8% in October 2024, leaving students grappling with higher expenses for housing, food, and transportation.
For Abdul Razak Yusuf, a student at Kwara State University (KWASU), the rising cost of off-campus accommodation has been particularly challenging.
“It’s unbelievable,” he said, reflecting on how his rent has skyrocketed over the past four years.
At Adekunle Ajasin University (AAUA), Olabanji Olajumoke, a 300-level student, revealed that rent for a single room in poor condition now go for as high as ₦110,000.
Another student, Adegoke Dalapo, reported that her rent increased from ₦130,000 to ₦180,000 within months, and landlords are now demanding ₦200,000 despite poor facilities.
She added that lack of affordable on-campus accommodation has left students vulnerable to exploitation by shyluck landlords and agents.
“If schools could make proper arrangements for students willing to stay on campus, it would make a huge difference,” said another AAUA student, Samuel Akintade.
Feeding has also become a significant challenge. With the national average cost of a healthy diet estimated at ₦1,346 per adult per day, many students find it impossible to maintain adequate nutrition.
“A balanced diet is for the rich,” joked Akintade, revealing to The Hope that he skips meals in order for his monthly stipend from his parents to sustain him.
Similarly, Lagos State University (LASU) student Ismail Firdauws shared her struggles: “The allowance I receive from home remains the same, but foodstuffs are more expensive.”
Transportation costs have further compounded the financial burden. At KWASU, shuttle fares have doubled from ₦50 to ₦100, while off-campus bike rides that once cost ₦200 now go for ₦300, according to a 300-level student, Aisha Ibrahim.
As revealed by Oresanwo Asiyah, “Parents believe that the money they send should be enough for a certain period, but it’s impossible.
The students appealed to the Federal Government to address the rising inflation rate in the country, reduce cost of petrol drastically and implement policies to ameliorate the sufferings of the people.
Meanwhile, the Federal Government instituted the Nigerian Education Loan Fund (NELFUND), a federal agency in that provides loans to eligible students for higher education, vocational training, and skills acquisition.
The Students Loans (Access to Higher Education) Act of 2024 established NELFUND as a body corporate to manage and invest funds for this purpose.