This study explored the pedagogical dimension of the new NSFAS book allowance funding model focusing on the availability of prescribed textbooks, the perceived impact on teaching and learning, and student's academic achievement. The study applied the human activity system approach (HAS) and the activity systems model within this approach as its theoretical framework. A sample of 10 lecturers drawn using convenience sampling participated in semi-structured interviews designed within a phenomenology research framework. In the findings, lecturers reported a significant decline in the availability of prescribed textbooks among students and generally unsuccessful attempts to replace these with open educational resources. Consequentially the lecturers said the suboptimal academic performance was a direct output of the new NSFAS book allowance system. It was recommended that NSFAS engage lecturers in decisions relating to book allowance funding as their pedagogical approaches strongly relied on prescribed textbooks' availability. Universities should support policies and strategies that support the development, evaluation, and use of Open Educational Resources (OER) to increase the benefits of these resources while minimising their risks to students' performance.