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The coronavirus pandemic saw the abrupt shutting down of higher institutions of learning by government, and students were told to vacate campuses as one of the measures to curb further infections. In order to ensure uninterrupted educational delivery, universities across the continent are introducing online learning. This study investigated the perception and readiness of students’ towards online learning in Nigeria during the Covid-19 pandemic. This study employed descriptive survey research design and structured questionnaire was the instrument used for the data collection. A total of one hundred and forty-eight (148) undergraduate students filled the questionnaire. The collected data was analyzed using tables, frequency counts, charts and percentage. On the positive side, the study revealed that majority of the respondents claimed to be conversant with online learning with a high level of readiness. Furthermore, the findings revealed that majority of the respondents indicated high level of ICTs skills and competencies needed for online learning. On the negative side, fear of high cost of data, poor internet services, erratic power supply, inaccessibility to online library resources and limited access to computer were the major perceived challenges to effective online learning. Based on this findings, the study recommended that, Nigerian universities must as a matter of necessity improvise means through which knowledge delivery and general learning activities can be achieved seamlessly and at the lowest cost to the students even while they are at home.