President Bola Tinubu’s Special Assistant on Social Media, Dada Olusegun, has clarified that no beneficiary of the Nigeria Education Loan Fund (NELFUND) is yet due to begin repayment, urging Nigerians to disregard contrary claims circulating online.
Olusegun made the clarification in a statement shared on his official X handle on Saturday, explaining that loan repayment only begins after a two-year moratorium following the completion of the National Youth Service Corps (NYSC).
According to him, the NELFUND scheme will complete two years in March 2026 from the date the first applications were submitted, stressing that 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 would have reached the repayment stage. Kindly discard any information contrary to this,” he said.
He also shared a video featuring the Managing Director of NELFUND, Mr Akintunde Sawyerr, who described the repayment process as seamless, transparent and fair.
Sawyerr explained that repayment responsibility primarily lies with the employers of graduates who benefited from the loan scheme, noting that systems have been put in place to ensure compliance.
“We have a global standing instruction system to recover funds from defaulters attempting to evade repayment,” he said.
Addressing concerns about possible travel restrictions, Sawyerr clarified that the loan scheme does not impose any travel ban on beneficiaries.
He further explained that the two-year moratorium was designed to allow graduates sufficient time to secure employment and settle after NYSC, adding that repayment begins in the third year at a rate of 10 per cent of the beneficiary’s income.
“We do not intend to force individuals to repay directly, except in cases of self-employment. The responsibility is largely on employers. If employers fail to remit, we pursue them, not the loan applicants,” he said.
Sawyerr emphasised that beneficiaries are free to travel and pursue their careers, urging them to support the sustainability of the scheme by ensuring repayments when due.
The NELFUND initiative is part of the Federal Government’s broader efforts to expand access to tertiary education and provide sustainable funding for future students.
