Jim Ovia Hails Tinubu’s NELFUND Student Loan Scheme

Jim Ovia has praised President Bola Tinubu for introducing NELFUND, saying the student loan scheme is helping thousands of Nigerians gain access to higher education. He said the initiative has become an important support system for students who may not have been able to attend university because of financial challenges.

Speaking in an interview with Channels Television, the founder of Zenith Bank Plc and Chairman of the Nigeria Education Loan Fund (NELFUND) Board described the student loan scheme as a major step towards improving access to tertiary education across the country.

Ovia said the programme has achieved strong results since its launch and continues to support both universities and students. He stated, “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 also highlighted the growing impact of the student loan scheme, adding, “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.”

Responding to concerns about possible misuse of the programme, Ovia insisted the scheme is fulfilling its intended purpose. He said, “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.”

Encouraging eligible students to embrace the opportunity, he added, “Without NELFUND, they wouldn’t have gone to the university at all. So, they should be encouraged to take the opportunity to go to university and graduate, and they will get jobs.”

As of 4 July 2026, NELFUND reported that it had disbursed ₦303.9 billion in loans to 1,635,676 beneficiaries from 1,800,489 applications. On 9 July 2026, the agency also announced the release of ₦1.5 billion to 6,129 students across three institutions for the 2025/2026 academic session.

What impact do you think the student loan scheme will have on access to higher education in Nigeria?