NELFUND Unveils Repayment Plan for Beneficiaries

The Managing Director of the Nigerian Education Loan Fund (NELFUND), Akintunde Sawyerr, has announced that beneficiaries of the Fund are expected to start repaying their debts two years after completing their National Youth Service Corps (NYSC) scheme.

However, for those without jobs within that period, NELFUND will connect them to employment opportunities through a portal.

Beneficiaries with jobs will have 10% of their salary deducted by their employers to repay the debt. As of yesterday morning, 724,000 students had applied for the loan, with 449,000 beneficiaries recorded. N47 billion has been paid to 218 institutions on behalf of the 449,000 beneficiaries, with N38 billion paid for upkeep.

The repayment mechanism is designed to ensure that beneficiaries repay their debts in a structured manner. Employers will be required to deduct 10% of the beneficiary's salary to repay the debt. NELFUND has put systems in place to identify and trace beneficiaries, using measures such as BVN requirements and bank accounts.