President Bola Ahmed Tinubu has held a closed-door meeting with the Chairman of the Nigerian Education Loan Fund (NELFUND), Jim Ovia, at the Presidential Villa in Abuja.
The meeting reportedly took place on Tuesday, October 20, 2026, although details of the discussions have not been made public.
Ovia, who is also the founder of Zenith Bank, met with the President at a time when the Federal Government is working to strengthen the implementation of its student loan programme and improve access to higher education for Nigerian students.
The NELFUND scheme was established to provide financial assistance to eligible students in public tertiary institutions, including universities, polytechnics and colleges of education.
Under the programme, eligible students can obtain interest-free loans to cover their institutional fees and receive monthly upkeep allowances to support their living expenses while studying.
However, although the loans do not attract interest, beneficiaries are required by law to repay the money in line with the programme’s repayment conditions.
The closed-door meeting between Tinubu and Ovia comes amid renewed attention on the implementation of the student loan scheme and efforts to ensure that financial difficulties do not prevent qualified Nigerians from pursuing tertiary education.
NELFUND Warns Students Against Unnecessary Loans
Meanwhile, NELFUND has cautioned students against applying for education loans when they can comfortably finance their studies without assistance.
The fund stressed that participation in the programme is voluntary and that the initiative is primarily intended to support students who face financial difficulties in paying for their education.
In a statement issued in Abuja on Wednesday, October 21, 2026, and signed by its Director of Strategic Communications, Oseyemi Oluwatuyi, NELFUND clarified that students who can afford their tuition fees and other educational expenses are not required to apply for the loans.
The clarification was aimed at addressing possible misconceptions about the scheme and ensuring that students understand that obtaining a loan is a personal choice rather than a compulsory requirement.
NELFUND urged students to assess their financial circumstances before applying, noting that the programme is designed to provide support to those who genuinely need assistance to continue their education.
The fund’s warning also serves as a reminder that beneficiaries must repay the loans, despite the absence of interest charges.
The Federal Government’s student loan initiative is intended to widen access to higher education by providing financial support to eligible students who might otherwise struggle to meet the cost of their studies.
While the details of Tinubu’s meeting with Ovia remain undisclosed, the engagement comes as the government continues to pursue policies aimed at expanding educational opportunities and strengthening the student loan programme.
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