In a bold move to improve graduate employment and financial independence, the Nigerian Education Loan Fund (NELFUND) has announced plans to roll out a centralized job portal by 2026. This portal will connect student loan beneficiaries with job opportunities across Nigeria and internationally.
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Connecting Education to Employment
Speaking at a media engagement in Abuja, NELFUND’s Managing Director, Mr. Akintunde Sawyerr, stated that while the agency does not guarantee employment, the upcoming portal will support beneficiaries in their transition into the labour market.
“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,” said Sawyerr.
The portal will list vacancies from both public and private sector employers as well as international recruiters interested in hiring qualified Nigerian graduates.
No Repayment Without Employment
Sawyerr also clarified that repayment for student loans will not begin until the beneficiary has secured gainful employment and completed their NYSC (National Youth Service Corps).
“If you don’t have a job, you don’t pay,” he emphasized.
Once employed, 10% of the graduate’s monthly salary will be automatically deducted by their employer and remitted to NELFUND. If the graduate loses the job or resigns, deductions will cease until they are employed again. In the event of death, the loan is completely written off.
Refund for Duplicate Payments
NELFUND has received numerous complaints from students whose tuition fees were paid both by themselves and the agency. Mr. Sawyerr called on tertiary institutions to refund students who paid before the NELFUND disbursements were received.
“Institutions must refund this money. It’s disappointing that some schools have ignored this responsibility,” he said, adding that the ICPC and EFCC have stepped in to investigate non-compliance.
If institutions are unable to refund students directly, they are advised to return the funds to NELFUND for proper redistribution.
Over 3.2 Million Student Records and More Expecte
According to Executive Director of Operations, Mustapha Iyal, the fund currently manages over 3.2 million student records. He anticipates over one million new applications before the end of 2025.
“Our projection is to support at least one million more applications this year alone to prevent students from dropping out,” he said.
Loan Expansion to Vocational and Technical Training
Beyond academic loans, NELFUND has introduced an interest-free loan program to fund vocational and technical training. The scheme covers tuition, transport, upkeep stipends, and toolkits for beneficiaries.
The pilot phase began in Enugu between June and mid-July 2025. Applications are processed via NELFUND’s portal and beneficiaries are linked to certified training centres nationwide.
Key Highlights:
| Feature | Details |
|---|---|
| Job Portal Launch | By 2026 |
| Repayment Start | Only after employment and NYSC |
| Deduction Rate | 10% of monthly salary |
| Vocational Loan Scheme | Covers training fees, transport, stipends, and tools |
| Records Managed | 3.2 million+ with 1 million new applications expected |
| Refund Policy | Institutions must refund students or return money to NELFUND |
| Enforcement | ICPC and EFCC involved in cases of non-compliance |
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