Jim Ovia: NELFUND Has Opened University Doors for Millions of Nigerian Students
E-ISSN: 2354-4481
By Grace Chidimma Ibe
The Founder of Zenith Bank Plc and Chairman of the Nigeria Education Loan Fund (NELFUND) Board, Jim Ovia, has said that millions of Nigerian students who would otherwise have been unable to pursue higher education have gained access to universities through the Federal Government's student loan programme.
Ovia made the remarks during an exclusive interview with Channels Television, where he praised President Bola Ahmed Tinubu for establishing NELFUND, describing the initiative as one of the most impactful interventions in Nigeria's education sector in recent years.
According to him, the education loan scheme has significantly reduced the financial barriers preventing many qualified students from enrolling in tertiary institutions across the country.
"Without the Nigeria Education Loan Fund, many students wouldn't have gone to university at all," Ovia said, adding that the programme has continued to expand opportunities for young Nigerians seeking higher education.
He dismissed concerns and allegations suggesting that the scheme was being widely abused, insisting that available records demonstrate the programme is achieving its intended objectives.
Ovia explained that, beyond paying tuition fees directly to approved tertiary institutions, the loan scheme also provides upkeep stipends to eligible students to assist with their living expenses while in school.
He urged beneficiaries to make prudent use of the opportunity by remaining committed to their studies, graduating successfully, and positioning themselves for gainful employment after school.
"The opportunity is there for students. They should take advantage of it, complete their education, acquire the necessary skills and become productive members of society," he said.
The Nigeria Education Loan Fund was established by the administration of President Bola Ahmed Tinubu following the enactment of the Student Loans (Access to Higher Education) Act. The initiative was designed to remove financial obstacles that prevent qualified Nigerian students from accessing tertiary education.
The scheme provides interest-free loans to eligible students enrolled in public tertiary institutions across Nigeria. It covers tuition fees, which are paid directly to institutions, while successful applicants also receive periodic maintenance allowances to support their academic pursuits.
Since the commencement of loan disbursements, thousands of students across the federation have benefited from the programme, making it one of the largest government-backed education financing initiatives in the country's history.
Official figures released by NELFUND show that, as of July 4, 2026, the agency had disbursed more than ₦303.9 billion to 1,635,676 beneficiaries nationwide. The disbursement covers institutional fees and student upkeep allowances across universities, polytechnics, colleges of education and other eligible public tertiary institutions.
The Tinubu administration has consistently maintained that the student loan programme is a major pillar of its education reform agenda aimed at increasing access, promoting equity and improving human capital development.
Despite its growing reach, the initiative has faced public scrutiny over concerns relating to transparency, verification processes and reports of irregularities in some applications. However, NELFUND has repeatedly assured Nigerians that it continues to strengthen its monitoring and verification systems to ensure that only qualified applicants benefit from the scheme.
Ovia's endorsement comes at a time when discussions on education financing and access to quality higher education continue to dominate national discourse. His remarks reinforce the Federal Government's position that the student loan programme is helping bridge the gap between financial hardship and educational opportunity.
Education stakeholders have continued to call for sustained funding, efficient implementation and greater public awareness to ensure that more eligible students benefit from the initiative and that Nigeria's investment in human capital yields long-term economic and social dividends.
