Access to university education remains a challenge for many young Nigerians, but the Federal Government’s student loan scheme is helping to change that, according to Jim Ovia, founder of Zenith Bank Plc and Chairman of the Nigeria Education Loan Fund (NELFUND).
Speaking during a recent interview on Channels Television, Ovia said the initiative has enabled thousands of students to pursue higher education who might otherwise have been unable to attend university because of financial constraints.
He described NELFUND as one of the Federal Government’s major education interventions, saying it is 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 — Nigeria Education Loan Fund — and it’s a very encouraging initiative,” he said.
Ovia noted that the scheme has continued to make a positive impact, with many universities already benefiting from it.
“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 NELFUND chairman also dismissed claims that the student loan scheme is being abused, insisting that it is fulfilling the purpose for which it was created.
“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. 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,” he added.
He encouraged eligible students to take advantage of the opportunity provided by the Federal Government, noting that education remains a pathway to better opportunities.
“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 said.
As more students continue to benefit from the scheme, Ovia believes the loan programme is not only easing the financial burden of higher education but also giving thousands of young Nigerians a better chance of building their future through university education.
EduTimes Africa, a product of Education Times Africa, is a magazine publication that aims to lend its support to close the yawning gap in Africa's educational development.