Tinubu meets NELFUND chair Jim Ovia, Budget Office DG at Aso Villa

President Bola Tinubu met with Jim Ovia, founder of Zenith Bank and chairman of the Nigerian Education Loan Fund (NELFUND), at the Presidential Villa in Abuja on Tuesday.

The President also held a separate closed-door meeting with Tanimu Kurfi, Director-General of the Budget Office of the Federation, according to Vanguard and Daily Trust.

The Presidency has not said what either meeting was about. Vanguard reported that the Budget Office chief was in for what it described as a regular briefing. Daily Trust said the Ovia meeting may be linked to building on the gains already recorded by NELFUND, but that is the outlet's reading, not an official statement.

Ovia arrived at the State House at about 2:15 p.m., Vanguard reported.

Why it matters to students

NELFUND runs the federal government's interest-free student loan scheme. It covers tuition fees and provides a monthly upkeep stipend for eligible students in public universities, polytechnics and colleges of education. Beneficiaries must repay after graduation and employment, through a capped deduction from income.

Tinubu appointed Ovia to chair the fund's board on 26 April 2024, less than three weeks after signing the Access to Higher Education Act (Repeal and Re-Enactment) Act, which created the scheme.

The fund said in a statement on Wednesday that students who can afford their school fees should not take the loan. The statement, signed by NELFUND's Director of Strategic Communications, Oseyemi Oluwatuyi, stressed that the scheme is voluntary and meant for those who cannot pay.

That message matters for families weighing up costs this session: the loan is not free money, and it is not compulsory.

What happens next

There is no word yet on any new decision from Tuesday's talks. Students who need the loan can still apply online, and repayment only starts after graduation and a job.