By Our Reporter
President Bola Tinubu is currently holding a closed-door meeting with the Chairman of the Nigerian Education Loan Fund (NELFUND) Board, Jim Ovia, and the Fund’s Managing Director/Chief Executive Officer, Dr Akintunde Sawyerr, at the Presidential Villa, Abuja.
The meeting, which began on Tuesday evening, comes amid growing speculation that the Federal Government may be considering an upward review of the upkeep allowance paid to beneficiaries of the student loan scheme.
An official agenda for the meeting had not been released as of the time of filing this report.
Jim Ovia, founder of Zenith Bank and Chairman of the NELFUND Board, arrived at the State House alongside Sawyerr at about 5:15 p.m.
A source familiar with the development told The Nigeria Times that discussions are expected to focus on plans to increase the upkeep allowance for students benefiting from the Nigerian Education Loan Fund. However, the Presidency and NELFUND had yet to officially confirm the claim.
Ovia was appointed Chairman of the NELFUND Board by President Tinubu on April 26, 2024, shortly after the signing of the Access to Higher Education Act (Repeal and Re-Enactment) Act, which established the interest-free student loan scheme.
Sawyerr, who was appointed the pioneer Managing Director and Chief Executive Officer of the Fund on April 5, 2024, has overseen the implementation of the programme since its inception.
According to NELFUND, the scheme has disbursed more than ₦303 billion to over 1.64 million students across more than 300 tertiary institutions nationwide.
The outcome of Tuesday’s meeting is expected to be made public after the discussions conclude.
