The Nigerian Education Loan Fund (NELFUND) has declared plans to improve access to career prospects both inside and outside of Nigeria by implementing a centralized job site for student loan recipients by 2026. The organization stated that the platform will act as a conduit between students and possible employers, but it made it clear that it does not promise employment.
Speaking at a press conference in Abuja to commemorate the loan program’s first year, Akintunde Sawyerr, Managing Director of NELFUND, stated that the platform will compile job postings from the public and commercial sectors, including foreign companies willing to hire Nigerian graduates.
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“We don’t just give a loan and leave students on their own. This job portal is our way of supporting their journey towards economic stability,” Sawyerr said.
He reaffirmed that loan repayment won’t start until the recipient has found work and finished the National Youth Service Corps (NYSC) program. Ten percent of the beneficiary’s monthly pay will be withheld after they start working and sent straight to NELFUND after employer verification.
According to Sawyerr, if a beneficiary resigns or is laid off, deductions would be stopped, and in the event of death, the loan will be written off, relieving the family of any financial strain.
Sawyer encouraged impacted schools to swiftly reimburse students who had already paid their fees before NELFUND disbursed cash to their institutions regarding the issue of delayed refunds. He emphasized that it was a professional and moral duty.
“We’ve received multiple petitions from students who paid under duress only to find their fees had also been paid by NELFUND. Institutions must refund this money. It’s disappointing that some schools have ignored this responsibility,” he said.
He mentioned that some of the guilty institutions are currently being looked at by anti-corruption organizations such as the EFCC and ICPC. Sawyer suggested that schools return the money to NELFUND for redistribution to the legitimate recipients in cases where direct refunds to students are not feasible.
Speaking as well, NELFUND’s Executive Director of Operations Mustapha Iyal stated that the organization is currently in charge of more than 3.2 million student data and anticipates receiving one million new applications by the end of 2025. He emphasized that while the goal is not required, it is consistent with NELFUND’s objective to guarantee that no student leaves school because of financial difficulties.
“To ensure that no one is dropping out of school, we’re looking at how we can support one million applications this year,” he said.
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