Jim Ovia Praises NELFUND Student Loan Success

Zenith Bank Plc founder and Nigeria Education Loan Fund (NELFUND) Board Chairman, Jim Ovia, has praised President Bola Tinubu for introducing the student loan scheme, saying it has opened the door to higher education for thousands of Nigerian students. He described the initiative as a major step towards improving access to tertiary education for young people who may not have been able to attend university because of financial challenges.

Speaking during an exclusive interview with Channels Television, Ovia said the NELFUND student loan programme has delivered strong results since its launch. He noted that many universities across Nigeria are already benefiting from the scheme, while more students continue to receive the financial support they need.

“Yes, NELFUND definitely is addressing (access to education), and we are glad that Bola Tinubu has introduced that by setting up NELFUND — Nigeria Education Loan Fund — and it’s a very encouraging initiative,” he said.

Ovia also rejected claims that the student loan scheme is being misused. He insisted that NELFUND is fulfilling its purpose by helping students with limited financial resources continue their education. “No, it’s not being abused at all because without the Nigeria Education Loan Fund, many students wouldn’t have gone to university at all. And also, they are being encouraged to have some stipend to pay their school fees. So, it’s not being abused; it’s being encouraged,” Ovia said.

He encouraged beneficiaries to make the most of the opportunity, expressing confidence that earning a university degree would improve their chances of securing employment.

The NELFUND student loan programme continues to grow. As of 4 July 2026, the agency had disbursed ₦303.9 billion to 1,635,676 beneficiaries from 1,800,489 applications. On 9 July, it also released ₦1.5 billion to 6,129 students across three institutions for the 2025/2026 academic session.

How do you think the NELFUND student loan scheme will shape the future of higher education in Nigeria?