The Nigerian Education Loan Fund (NELFUND) is building a centralized employment platform aimed at giving loan recipients early access to job opportunities both within Nigeria and internationally.
This development was revealed by NELFUND’s Managing Director, Akintunde Sawyerr, during a media session held in Abuja on Thursday, July 17, 2025, marking the agency’s first anniversary.
While clarifying that the Fund does not directly provide employment, Sawyerr explained that the upcoming platform is a strategic step to assist graduates as they enter the labour market. He emphasized that the job portal will serve as a comprehensive hub, aggregating opportunities from both public and private sectors, as well as openings from international employers keen on hiring Nigerian talent.
“We’re not just issuing loans and walking away. This job portal reflects our commitment to helping graduates achieve financial independence,” Sawyerr said.
He reaffirmed that loan repayments are deferred until recipients secure employment and complete their National Youth Service Corps (NYSC) program.
“No job, no repayment. When employment begins, so does repayment—starting from scratch,” he noted.
According to him, once a graduate is employed, 10% of their monthly salary will be automatically deducted by their employer and sent to NELFUND, after cross-verification through the agency’s employment database. If a beneficiary becomes unemployed—either through resignation or termination—the deductions stop immediately. In the unfortunate event of a beneficiary’s death, the loan is fully written off, with no burden passed on to the family.
On concerns raised by students who made fee payments before NELFUND disbursed funds to their institutions, Sawyerr urged schools to take responsibility and refund such students.
“We’ve received numerous complaints from students who paid under pressure, only to later discover that their institutions had also received payments from NELFUND,” he stated.
He criticized institutions that have failed to issue refunds, describing their actions as irresponsible. “Some institutions are neglecting their duty to refund affected students. That’s unacceptable.”
To address this, Sawyerr mentioned that anti-corruption agencies such as the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC) have initiated investigations into institutions suspected of withholding refunds.
He further explained that if a school cannot directly reimburse a student, the funds can be returned to NELFUND, which will then ensure the money reaches the rightful recipient.
Also speaking during the event, NELFUND’s Executive Director of Operations, Mustapha Iyal, highlighted the agency’s operational scale and future outlook. He shared that the Fund currently maintains records for more than 3.2 million students.
Looking ahead, Iyal disclosed that the agency expects an influx of around one million new applications by the end of 2025. Although this target isn’t mandatory, the goal is to reduce financial barriers to education.
“Our system currently supports over 3.2 million student records. Between now and the end of the year, we anticipate receiving about one million more applications,” he said.
He stressed that the Fund’s primary mission is to ensure no student drops out of school due to financial constraints.
