The Nigerian Education Loan Fund (NELFUND) has announced plans to launch a centralised job portal by 2026 to provide beneficiaries of its student loan scheme with early access to employment opportunities both locally and internationally.
The announcement was made by NELFUND Managing Director, Mr. Akintunde Sawyerr, during a media briefing in Abuja to mark the first anniversary of the education loan scheme. Sawyerr stated that the portal will aggregate job listings from both public and private sector employers, as well as international organisations interested in recruiting Nigerian graduates.
He said the initiative is part of NELFUND’s broader strategy to support student loan beneficiaries beyond disbursement, by facilitating their economic empowerment through meaningful employment.
He clarified that students are not required to begin repaying their loans until after they complete their National Youth Service Corps (NYSC) programme and secure paid employment. Repayment will only commence once the beneficiary is employed, with 10 per cent of their monthly income automatically deducted by their employer and remitted to NELFUND. If a beneficiary is laid off or resigns, the deductions will stop. In the unfortunate event of a beneficiary’s death, the loan will be written off entirely, and the family will not be pursued for repayment.
Addressing concerns about institutions failing to refund fees already paid by students before NELFUND disbursements were made, Sawyerr described such actions as unethical. He revealed that the agency has received numerous complaints from students who paid under duress only to discover that their fees had also been covered by NELFUND.
He appealed to schools to refund affected students, noting that both the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC) are already investigating some institutions over delays or refusals to issue refunds.
Sawyerr advised that if institutions are unable to refund students directly, they should return the funds to NELFUND, which will ensure the money reaches the rightful beneficiaries.
Also speaking at the event, Executive Director of Operations at NELFUND, Mr. Mustapha Iyal, disclosed that the Fund currently manages over 3.2 million student records. He projected that one million new applications will be received by the end of 2025. He explained that while the number is not mandatory, the Fund aims to ensure that no Nigerian student is forced to abandon their education due to financial hardship.
