Without NELFUND, Half a Million Nigerians Would Be Out of School – NELFUND Board Chairman Reveals
Zenith Bank founder and NELFUND Board Chairman, Jim Ovia, has hailed President Bola Tinubu’s student loan scheme as a game-changer, revealing that thousands of Nigerian undergraduates would have been locked out of tertiary education without the programme.
In an exclusive interview with Channels Television, Ovia described the Nigeria Education Loan Fund as a transformative initiative that is breaking financial barriers and expanding access to higher education across the country.
“Yes, NELFUND definitely is addressing access to education, and we are glad that Bola Tinubu has introduced that by setting up NELFUND,” Ovia stated. “It’s a very encouraging initiative.”
The banking mogul, who has chaired the NELFUND Board for the past five years, noted that the scheme has recorded remarkable success, with many universities already benefiting from the facility.
“It’s Not Being Abused” — Ovia Dismisses Criticism
Addressing concerns about potential abuse of the loan programme, Ovia firmly pushed back, insisting that the initiative is serving its intended purpose of supporting financially disadvantaged students.
“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.
He further explained that beneficiaries receive stipends to cover their school fees and encouraged students to seize the opportunity.
“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,” Ovia added.
NELFUND by the Numbers
The commendation comes as NELFUND continues to expand its reach with impressive figures:
· ₦303.9 billion disbursed to 1,635,676 beneficiaries
· 1,800,489 applications received
· ₦1.5 billion released to 6,129 students across three institutions for the 2025/2026 academic session (as of July 9, 2026)
The scheme, which has become a cornerstone of the Tinubu administration’s education policy, continues to draw praise from stakeholders as it opens doors for millions of Nigerian students who previously had no path to higher education.
