The Nigerian Education Loan Fund (NELFUND) has announced plans to launch a centralized job portal by 2026, aiming to connect student loan beneficiaries with domestic and international employment opportunities. While the agency clarified that it does not guarantee jobs, the initiative seeks to address graduate unemployment by aggregating vacancies from public and private sectors, as well as global employers.
Speaking in Abuja during a media event marking the program’s first anniversary, NELFUND Managing Director Akintunde Sawyerr described the portal as a tool to “support students’ journey toward economic stability” beyond financial assistance. Under the repayment framework, beneficiaries will begin reimbursing loans only after securing employment, with deductions starting after completing Nigeria’s mandatory National Youth Service Corps (NYSC) program.
“If you don’t have a job, you don’t pay,” Sawyerr emphasized, outlining a system where 10% of a borrower’s monthly income is automatically deducted by employers and routed to NELFUND via an employment verification register. Deductions pause if a borrower resigns, is laid off, or passes away—a measure designed to prevent financial strain on families.
The agency also addressed growing frustrations over institutions failing to refund tuition fees to students who paid upfront before NELFUND disbursed loans to their schools. Sawyerr reported “multiple petitions” from affected students, criticizing universities and colleges for neglecting a “moral and professional duty” to return the funds. Anti-corruption bodies, including the Independent Corrupt Practices Commission (ICPC) and Economic and Financial Crimes Commission (EFCC), are now investigating delayed refunds, with NELFUND offering to act as an intermediary if institutions cannot repay students directly.
On future projections, Executive Director of Operations Mustapha Iyal revealed that NELFUND currently manages 3.2 million student records, with an additional one million applications anticipated by late 2025. While applications are not compulsory, the target reflects efforts to minimize academic disruptions caused by financial hardship. “We’re looking at how to support these applicants to ensure no student drops out,” Iyal said, emphasizing flexibility in the program’s enrollment process.
The developments come amid heightened scrutiny of education financing models in Nigeria, where rising costs and unemployment rates have strained households. By integrating loan support with post-graduate employment pathways, NELFUND aims to alleviate long-term debt risks while fostering workforce development—a balancing act that could influence similar initiatives across emerging economies.
