The Nigerian Education Loan Fund (NELFUND) has announced a strategic initiative to launch a dedicated job platform by 2026. The portal is designed to serve as a centralized hub, linking graduates who have benefited from the government's student loan program with employment opportunities domestically and internationally.
Managing Director Mr. Akintunde Sawyerr revealed the plans during a press briefing in Abuja commemorating the scheme's first anniversary. He stated that the portal aims to amplify the program's effectiveness by facilitating a smoother transition for graduates into the workforce and achieving financial self-sufficiency.
“Our commitment extends beyond simply disbursing funds,” Sawyerr explained. “This job platform is a critical component of our support system, designed to guide beneficiaries toward economic stability.”
The platform will aggregate vacancies from a diverse range of sources, including government ministries, private corporations, and global firms seeking Nigerian talent. While NELFUND will not guarantee placement, the service is intended to significantly streamline the job search process for eligible graduates.
Mr. Sawyerr also reaffirmed the fund's flexible repayment terms. Beneficiaries are only obligated to begin repaying their loans after they have secured employment, with the two-year National Youth Service Corps (NYSC) program recognized as a grace period.
“Repayment is directly tied to employment. No job means no payments. The clock starts only once a graduate is employed,” he said.
The mechanism for repayment requires employers to deduct 10% of the beneficiary's monthly salary at source, which is then remitted directly to NELFUND following verification against the fund's official employment register.
The management also outlined safeguards for borrowers facing hardship. Deductions are immediately paused if a beneficiary is terminated or resigns. Furthermore, the outstanding loan balance is completely written off in the event of the beneficiary's death, with no obligations passed on to their family.
Addressing recent grievances, Sawyerr called on higher institutions to refund tuition fees to students who made direct payments under pressure, after discovering their fees had already been covered by NELFUND. He emphasized that universities have a professional and ethical duty to return these duplicate payments.
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