Founder of Zenith Bank Plc and Chairman of the Nigeria Education Loan Fund (NELFUND) Board, Jim Ovia, has praised President Bola Ahmed Tinubu for establishing the student loan scheme, describing it as a game-changing initiative that has expanded access to higher education for thousands of Nigerian students.
Speaking during an exclusive interview with Channels Television, Ovia said the NELFUND programme has become a vital support system for undergraduates who might otherwise have been unable to pursue tertiary education due to financial constraints.
According to him, the scheme has recorded significant success since its launch, with universities across the country already benefiting from the intervention.
“NELFUND is definitely addressing access to education, and we are glad that Bola Tinubu introduced it by setting up the Nigeria Education Loan Fund. It is a very encouraging initiative,” Ovia said.
The NELFUND Board chairman noted that the programme has continued to make a meaningful impact on students and institutions nationwide.
“I’ve been the chairperson of that for the past five years, and it’s very successful today. So many universities have already been benefiting from that,” he added.
Ovia also dismissed claims that the student loan scheme is being abused, insisting that it is fulfilling its primary objective of helping financially disadvantaged students gain access to higher education.
“Without the Nigeria Education Loan Fund, many students wouldn’t have gone to university at all. They are also being supported with stipends to help pay their school fees. So, it’s not being abused; it’s being encouraged,” he said.
He urged beneficiaries to make the most of the opportunity provided by the Federal Government, expressing confidence that completing their education would improve their chances of securing employment.
“Without NELFUND, they wouldn’t have gone to the university at all. They should be encouraged to take the opportunity, graduate, and they will get jobs,” Ovia stated.
His remarks come as NELFUND continues to scale up its operations nationwide. As of July 4, 2026, the agency disclosed that it had disbursed ₦303.9 billion in loans to 1,635,676 beneficiaries from a total of 1,800,489 applications.
The fund also announced on July 9 that it released an additional ₦1.5 billion to 6,129 students across three tertiary institutions for the 2025/2026 academic session, further reinforcing its commitment to improving access to higher education in Nigeria.
Comments