By Hadiza Abdulkadir
The Nigerian Education Loan Fund (NELFUND) has unveiled plans to launch a national job portal by 2026, designed to connect student loan beneficiaries with employment opportunities both within and outside Nigeria.
Speaking at a press briefing, NELFUND Managing Director Akintunde Sawyerr stated that the platform will serve as a bridge between graduates and employers, featuring job listings from both the public and private sectors, as well as international recruiters. “Though we cannot guarantee employment, we aim to ease the job search process for our beneficiaries,” Sawyerr said.
He clarified that student loan repayment will commence only after a beneficiary secures a job and completes their National Youth Service Corps (NYSC). Repayments will be deducted at a flat rate of 10% from monthly salaries. In the event of unemployment, deductions will be suspended, and in the event of death, the loan will be written off entirely.
In response to recent complaints from students who paid tuition before receiving their loans, NELFUND has directed institutions to refund the affected students or return the funds to the agency. The Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices Commission (ICPC) are currently investigating defaulting institutions.
NELFUND, which manages over 3.2 million student records, expects an additional one million loan applications by the end of 2025. The agency also announced the rollout of a new vocational loan programme, with a pilot phase launching in Enugu. The initiative will finance training, transport, stipends, and tools — all interest-free.