No Repayment Yet for Nigeria Education Loan Beneficiaries, Says Tinubu’s Aide
The Presidency has dismissed claims circulating online suggesting that beneficiaries of the Nigeria Education Loan Fund (NELFUND) have begun repaying their student loans, clarifying that repayment is not yet due under the scheme’s guidelines.
Olusegun Dada, Special Assistant to President Bola Tinubu on Social Media, addressed the issue in a statement posted on his official X account on Saturday. He explained that loan repayment is scheduled to start only after a two-year moratorium following the completion of the National Youth Service Corps (NYSC), urging Nigerians to disregard any contrary information.
Dada noted that the student loan programme will reach its two-year mark in March 2026 from the date the first applications were submitted, stressing that no beneficiary has entered the repayment phase.
He also shared remarks from the Managing Director of NELFUND, Akintunde Sawyerr, who described the repayment structure as transparent and easy to navigate. Sawyerr explained that the primary responsibility for remitting repayments lies with employers of graduates who benefited from the loan scheme.
According to him, a global standing instruction system has been established to recover funds from employers who fail to comply, while self-employed beneficiaries are expected to make direct repayments.
Sawyerr further clarified that participation in the loan scheme does not come with travel restrictions, adding that beneficiaries remain free to pursue career opportunities locally or abroad. He explained that the two-year grace period after NYSC is designed to allow graduates time to secure employment and stabilise financially.
He added that repayments, when due, will be calculated at 10 per cent of a beneficiary’s income in the third year, ensuring that contributions are manageable while sustaining funding for future students.
The NELFUND initiative is part of the Federal Government’s broader strategy to expand access to higher education and establish a sustainable financing framework for students across the country.
