Jim Ovia, the founder of Zenith Bank Plc and current chairman of the Nigeria Education Loan Fund (NELFUND) board, recently praised President Bola Tinubu for launching the student loan program. During an interview on Channels Television, Ovia emphasized that the initiative has become a vital tool for helping numerous undergraduates secure a spot in tertiary institutions who would have otherwise been excluded due to financial constraints.
Refuting claims of program misuse, Ovia insisted that the scheme is functioning exactly as intended by providing necessary support to students with limited resources. He noted that the fund serves as a crucial bridge, allowing beneficiaries to settle school fees and receive a stipend. The board chairman highlighted that the program has already proven successful across various universities, with many institutions participating since its inception.
Ovia encouraged students to capitalize on this government-led opportunity, expressing optimism that attaining a degree will significantly bolster their chances of securing future employment. Data from the agency shows widespread utilization; as of early July 2026, NELFUND reported over 300 billion naira in disbursements to more than 1.6 million beneficiaries, with additional funding rounds continuing for the current academic session.
