Chairman of the Nigeria Education Loan Fund (NELFUND), Jim Ovia, says the scheme has expanded access to tertiary education by helping thousands of students overcome financial challenges.
Speaking during an interview with Channels Television, the Zenith Bank founder praised President Bola Tinubu for establishing the initiative, describing it as a major step toward improving higher education in Nigeria.
Ovia said the scheme has recorded significant success since its launch, with many universities and students already benefiting.
He stated that NELFUND is making university education more accessible and called it an encouraging initiative that is addressing financial barriers faced by students.
The businessman also dismissed concerns that the student loan programme is being abused.
According to him, the fund is providing genuine support to students who might not have been able to attend university without financial assistance.
He added that beneficiaries also receive stipends to help with their expenses, insisting the programme is fulfilling its intended purpose.
Ovia urged students to make good use of the opportunity, expressing confidence that earning a university degree would improve their chances of securing employment after graduation.
Official figures show that as of July 4, 2026, NELFUND had disbursed ₦303.9 billion in loans to 1,635,676 beneficiaries from more than 1.8 million applications.
The agency also released an additional ₦1.5 billion on July 9 to support 6,129 students in three tertiary institutions for the 2025/2026 academic session.
