Zenith Bank founder and Chairman of the Nigeria Education Loan Fund (NELFUND) Board, Jim Ovia, has praised President Bola Tinubu for establishing the student loan scheme, saying it has changed the lives of thousands of Nigerian undergraduates who would otherwise never have entered a university.
Speaking during an exclusive interview on Channels Television, Ovia described NELFUND as a transformative initiative that is steadily expanding access to tertiary education across the country.
“Yes, NELFUND definitely is addressing this, 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, who has chaired the NELFUND Board for five years, said the programme has recorded significant success and continues to benefit institutions and students 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.
He also pushed back against concerns that the loan scheme was being abused, insisting it was fulfilling its core purpose of supporting students with limited financial means.
“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. So, it’s not being abused; it’s being encouraged,” Ovia said.
He urged current and prospective beneficiaries to take full advantage of the opportunity, expressing confidence that completing their education would open doors to employment.
“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,” he said.
The comments come as NELFUND continues to expand its reach. As of July 4, 2026, the agency had disbursed N303.9 billion in loans to 1,635,676 beneficiaries from a total of 1,800,489 applications received.
On July 9, the fund also released N1.5 billion to 6,129 students across three institutions for the 2025/2026 academic session.
Digital Operations Manager at The Students Forum Nigeria.
