Founder of Zenith Bank Plc, Jim Ovia, has commended President Bola Tinubu for establishing the Nigeria Education Loan Fund, NELFUND, saying many Nigerian students would not have been able to attend university without the scheme.
Ovia, who is the Chairman of the NELFUND Board, said the government-backed education loan programme was helping to remove financial barriers that prevent young Nigerians from pursuing higher education.
The businessman spoke in an interview with Channels Television, where he also dismissed concerns that the scheme was being abused.
According to him, NELFUND has become an important tool for improving access to university education by providing financial support to students who may otherwise be unable to pay their fees.
“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,” Ovia 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.”
He said the fund was particularly important because the cost of university education had become a major challenge for many Nigerian families.
Ovia argued that without financial assistance, many students from low-income families could be forced to abandon their education or may not be able to enter university in the first place.
He therefore urged Nigerians to see the education loan programme as an opportunity to expand access to higher education rather than as a scheme that should be viewed with suspicion.
“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,” he said.
“And also, they are being encouraged to have some stipend to pay their school fees. So, it’s not being abused; it’s being encouraged.”
The NELFUND chairman also advised students who benefit from the scheme to take their studies seriously and make proper 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 added.
NELFUND was established by the Federal Government as part of efforts to make tertiary education more accessible to Nigerians, particularly students who face difficulties paying tuition and other education-related costs.
The initiative is based on the idea that financial hardship should not prevent qualified Nigerian students from obtaining higher education.
Under the scheme, eligible students can apply for loans to support their education, while the fund processes applications and works with institutions to provide the approved financial assistance.
The program has attracted considerable attention since its introduction, with thousands of students applying for assistance.
The scheme has also generated debate over the sustainability of education loans, repayment arrangements and the ability of graduates to repay after leaving university.
The Federal Government has maintained that the programme is intended to provide students with an opportunity to obtain education and improve their chances of securing employment after graduation.
Available figures show the growing scale of the programme.
As of July 4, 2026, NELFUND said it had disbursed a total of N303.9 billion in loans to 1,635,676 beneficiaries from 1,800,489 applications.
The figures indicate that the scheme has received a large number of applications from students seeking financial assistance for their education.
The fund also continued its disbursement programme in July.
On July 9, NELFUND announced through its verified X handle that it had distributed N1.5 billion to 6,129 students across three institutions for the 2025/2026 academic session.
The latest disbursement further underlines the growing role of the fund in supporting students in tertiary institutions across the country.
For many Nigerian families, the rising cost of education has become a major concern. Apart from tuition and other institutional charges, students often have to pay for accommodation, transport, textbooks, feeding and other basic needs.
The pressure is particularly heavy on families with more than one child in tertiary institutions.
The introduction of NELFUND has therefore been presented by the government as a way of easing some of these financial pressures and ensuring that students are not denied education because of their economic circumstances.
However, questions have also been raised by some Nigerians about the management of the scheme, the selection of beneficiaries and the ability of recipients to repay the loans after graduation.
Ovia’s latest comments appear aimed at reassuring the public that the programme is serving its intended purpose.
He said the fund should be encouraged because of the opportunities it provides to young Nigerians who may otherwise have no realistic means of obtaining university education.
The businessman also stressed the importance of students using the opportunity to acquire the skills and qualifications needed to secure employment after graduation.
His comments come at a time when the country continues to face concerns over youth unemployment and the ability of graduates to find suitable jobs after leaving tertiary institutions.
Education and skills development are widely regarded as important tools for improving young people’s chances in the labour market and supporting economic growth.
For NELFUND, the long-term success of the programme will depend not only on the number of students who receive loans but also on how effectively the funds are managed and repaid.
The government will also need to ensure that eligible students can access the scheme without unnecessary delays while maintaining proper checks to prevent fraud and ensure accountability.
With more than 1.6 million beneficiaries recorded as of early July, NELFUND has already become a major part of the country’s tertiary education system.
Ovia’s endorsement adds to the government’s argument that education financing can help expand opportunities for young Nigerians.
He urged students to take advantage of the scheme, complete their studies and use their education to build better futures for themselves and contribute to the development of the country.
For the NELFUND chairman, the key measure of the programme’s success is whether it helps students who would otherwise have been excluded from university education to gain access and graduate.
His position is that the fund should not be seen simply as a loan scheme but as an investment in the education and future of Nigerian youths.