Chairman of the Nigeria Education Loan Fund (NELFUND) and founder of Zenith Bank Plc, Jim Ovia, has credited the Federal Government’s student loan scheme with expanding access to tertiary education, saying many Nigerians would not have been able to attend university without it.
Ovia made the remarks during an interview on Channels Television, where he praised President Bola Tinubu’s administration for establishing NELFUND to help remove financial barriers to higher education.
According to him, the initiative has become a vital source of support for students struggling to fund their university education.
“Without the Nigeria Education Loan Fund, many students wouldn’t have gone to university at all,” Ovia said, adding that the scheme has enabled thousands of young Nigerians to pursue higher education while also providing stipends to assist with educational expenses.
Responding to concerns about possible abuse of the programme, Ovia dismissed the claims, insisting that the fund is serving its intended purpose.
“No, it’s not being abused at all,” he said. “Students are being encouraged to take advantage of the opportunity to go to university, graduate and ultimately secure jobs.”
NELFUND was established following the enactment of the Student Loans (Access to Higher Education) Act to provide interest-free loans to eligible students in Nigerian tertiary institutions. The scheme is designed to improve access to higher education by easing the financial burden on students and their families.
According to the fund, as of July 4, 2026, it had disbursed more than ₦303.9 billion to 1,635,676 beneficiaries from over 1.8 million applications. The agency has also continued to expand support to students across universities, polytechnics and colleges of education nationwide.
NELFUND has recently reaffirmed its commitment to protecting beneficiaries, warning tertiary institutions against withholding tuition refunds from students whose fees have already been paid through the loan scheme or imposing arbitrary fee increases that undermine the programme’s objectives.
