Can Student Loans Rewrite Nigeria’s Education Story? Jim Ovia Thinks So

For decades, university admission in Nigeria often depended as much on family income as academic ability. The Nigeria Education Loan Fund seeks to change that equation, and its chairman believes the early results show the policy is already reshaping access to higher education.

Ovia Defends Student Loan Scheme

ValidViewNetwork reports that NELFUND Board Chairman Jim Ovia praised President Bola Tinubu for establishing the Nigeria Education Loan Fund.He said the programme has enabled thousands of students to pursue university education.

Ovia spoke during an interview with Channels Television.He described the initiative as one of Nigeria’s most significant education reforms in recent years, ValidViewNetwork reports.

“Many Wouldn’t Be In University”

According to Ovia, many students would have missed higher education without the loan scheme.

“Yes, NELFUND definitely is addressing access to education,” he said.”

We are glad that Bola Tinubu introduced it by setting up NELFUND.” He described the initiative as encouraging and impactful. Ovia added that many universities are already benefiting from the programme.

Abuse Claims Rejected

ValidViewNetwork reports that Ovia dismissed claims that the student loan scheme is being abused. He insisted the programme is serving students who genuinely need financial support.

“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 urged beneficiaries to maximise the opportunity and complete their education.According to him, graduates will stand a better chance of securing employment.

The Numbers Behind The Programme

The student loan scheme has continued to expand since its rollout. As of July 4, 2026, NELFUND said it had disbursed ₦303.9 billion.

The agency said 1,635,676 beneficiaries had received support.The figure came from 1,800,489 loan applications.

ValidViewNetwork reports that NELFUND also released ₦1.5 billion to 6,129 students across three institutions on July 9 for the 2025/2026 academic session.

Beyond The Applause

ADVERTISEMENT

Every major government reform attracts praise from those implementing it and criticism from those watching it. Student loan programmes are no exception.

Around the world, such schemes are judged less by their launch than by repayment rates, transparency, sustainability and whether graduates ultimately secure jobs that allow them to repay what they borrowed.

For now, NELFUND’s growing disbursement figures suggest strong demand for financial support among Nigerian students.

Whether the programme becomes one of Nigeria’s most enduring education reforms will depend not only on the number of loans approved, but also on how effectively the system remains accountable, reaches deserving students and translates educational access into long-term economic opportunity.