Reported by: Oahimire Omone Precious | Edited by: Oravbiere Osayomore Promise.
The Founder of Zenith Bank Plc and Chairman of the Nigeria Education Loan Fund (NELFUND), Jim Ovia, has praised President Bola Tinubu for establishing the student loan scheme, saying it has opened the doors of higher education to many Nigerians who otherwise would not have attended university. Ovia made the remarks during an exclusive interview with Channels Television on Monday, August 3, 2026, where he described NELFUND as a successful intervention that is helping thousands of students pay their tuition and remain in school.
Speaking on the impact of the scheme, Ovia dismissed concerns that the initiative is being abused, insisting that the fund has been effectively managed and is fulfilling its objective of expanding access to tertiary education. “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. “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”. Addressing allegations of mismanagement, Ovia maintained that the scheme is not being abused and that without the Nigeria Education Loan Fund, many students would not have gone to university at all. “They are being encouraged to have some stipend to pay their school fees. So, it’s not being abused; it’s being encouraged,” he added.
Ovia advised Nigerian students to make good use of the opportunity provided by the Federal Government. “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. According to NELFUND, as of July 4, 2026, the scheme had disbursed a total loan of ₦303,908,451,780.25, with 1,635,676 beneficiaries from 1,800,489 applications. On July 9, 2026, NELFUND also announced on its verified X handle that it had distributed a total of ₦1.5 billion to 6,129 students across three institutions for the 2025/2026 academic session. Ovia, who was appointed Chairman of the NELFUND Board by President Tinubu in April 2024, has been at the forefront of the scheme's implementation, which is a key component of the administration's Renewed Hope Agenda aimed at expanding access to higher education for underprivileged Nigerian students.
📩 Stone Reporters News | 🌍 stonereportersnews.com
✉️ info@stonereportersnews.com | 📘 Facebook: Stone Reporters News | 🐦 X (Twitter): @StoneReportNew | 📸 Instagram: @stonereportersnews
Add comment
Comments