NELFUND loan repayment not yet due for any beneficiary — Tinubu’s aide

The Special Assistant to President Bola Tinubu on Social Media, Olusegun Dada, has clarified that no beneficiary of the Nigeria Education Loan Fund (NELFUND) has begun loan repayment, urging Nigerians to ignore claims suggesting otherwise.

In a statement posted on his official X (formerly Twitter) account on Saturday, Dada explained that repayment under the scheme only begins after a two-year moratorium following the completion of the National Youth Service Corps (NYSC).

According to him, the NELFUND programme will be two years old in March 2026, counting from when the first applications were submitted, meaning none of the beneficiaries has reached the repayment stage.

“As it stands, the scheme will clock two years in March 2026 from the day the first applications were made, and not a single applicant has reached the repayment phase. Nigerians should disregard any information to the contrary,” he said.

Dada also shared a video message from the Managing Director of NELFUND, Mr Akintunde Sawyerr, who described the repayment process as seamless, transparent, and fair.

Sawyerr explained that the responsibility for repayment largely rests with the employers of beneficiaries once they are gainfully employed.

“We have a global standing instruction system in place to recover funds from defaulters who attempt to evade repayment,” he said.

He further addressed concerns about possible travel restrictions, stressing that the loan scheme does not impose any travel bans on beneficiaries.

“The two-year moratorium exists because during NYSC, graduates may not be able to secure employment. The additional two years allow them time to find jobs, settle down, and stabilise,” Sawyerr explained.

According to him, repayment in the third year begins at a rate of 10 per cent of the beneficiary’s income, with employers responsible for remitting the funds.

“We have no intention of forcing individuals to repay directly, except in cases where they are self-employed. Our focus is on employers,” he said.

Sawyerr added that beneficiaries remain free to travel and pursue career opportunities, noting that loan repayments are meant to sustain the fund for future students.

“The fact that you take a loan doesn’t make you a slave to the government. People are free to travel and work anywhere. But if you are earning well, you should remember to repay so others can benefit,” he said.

The NELFUND scheme is part of the Federal Government’s broader initiative to expand access to tertiary education and ensure sustainable funding for students across the country.