In a major development aimed at tackling youth unemployment and enhancing the value of its student loan scheme, the Nigerian Education Loan Fund (NELFUND) has announced plans to launch a national job portal by 2026. The portal is designed to provide graduates who benefited from student loans with early access to verified job opportunities across Nigeria and abroad.
The announcement was made by NELFUND’s Managing Director, Akintunde Sawyerr, during a media briefing in Abuja to commemorate one year since the scheme was launched. According to Sawyerr, the new initiative is part of NELFUND’s commitment to not only fund education but also ensure economic empowerment for Nigerian students.
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Helping Students Beyond Financial Support
Sawyerr emphasized that the job portal will serve as a bridge between graduates and potential employers. It will feature listings from both public and private organizations, as well as international employers interested in hiring skilled Nigerian graduates.
“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,” he said.
The job portal will be integrated with the NELFUND employment verification system. Beneficiaries will only begin loan repayment after securing a job, with deductions set at 10% of their monthly income. The deductions will be automatically made by employers and remitted directly to NELFUND.
In the event that a beneficiary becomes unemployed or resigns, the deductions will be paused. If the beneficiary passes away, the loan is written off entirely, with no obligations passed on to the family.
Response to Student Complaints on Double Payment
NELFUND also addressed widespread complaints from students who paid their school fees before their institutions received payments from the Fund. Many of these students are now demanding refunds, and the agency has made its position clear.
Sawyerr urged institutions to return such payments, stressing that it is both a moral and professional responsibility. He revealed that enforcement agencies like the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC) are already investigating schools that failed to refund students.
If an institution is unable to refund students directly, it is expected to return the funds to NELFUND, which will then disburse them to the rightful beneficiaries.
Managing Growth and Future Projections
Speaking about the Fund’s progress and projections, Mustapha Iyal, Executive Director of Operations at NELFUND, said the agency is currently managing over 3.2 million student records. He added that NELFUND anticipates one million new applications by the end of 2025, although the figure is a projection rather than a fixed target.
He reaffirmed the agency’s goal to ensure that no Nigerian student drops out of school due to financial hardship.
Key Features of NELFUND’s Job and Loan Support System
| Category | Details |
|---|---|
| Job Portal Launch Date | 2026 |
| Employment Opportunities From | Public sector, private sector, and international organizations |
| Loan Repayment Begins | After NYSC and confirmed employment |
| Monthly Repayment Deduction | 10% of monthly income, deducted by employer |
| Unemployment or Resignation | Deductions paused |
| Death of Beneficiary | Loan written off, no family obligation |
| Duplicate Tuition Payments | Schools must refund students or return funds to NELFUND |
| Current Records Managed | Over 3.2 million |
| Projected New Applications (2025) | 1 million |
Why This Matters
This initiative marks a significant shift in how Nigeria approaches student financing. By linking education with direct employment access, NELFUND is setting a precedent for how government-backed student loans can be made more effective and sustainable. The job portal adds real value to students’ futures by not only helping them fund their education but also facilitating their entry into the workforce.
This model could serve as a template for other developing nations facing similar challenges with youth unemployment and education funding.
Source: NELFUND to open job portal for early employment access
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