Akintunde Sawyerr, Managing Director of NELFUND
The Managing Director of the Nigerian Education Loan Fund (NELFUND), Akintunde Sawyerr, says beneficiaries will begin repaying their student loans two years after completing their NYSC programme, with deductions handled directly by employers.
Speaking in Abuja, he explained that repayment starts in the third year, with employers mandated to remit 10 per cent of a beneficiary’s monthly income to NELFUND. He added that the remittance remains monthly, regardless of whether salaries are paid weekly or bi-weekly.
Sawyerr stressed that enforcement targets employers, not graduates, noting that self-employed beneficiaries are required to remit their own 10 per cent contribution. He also disclosed that a Global Standing Instruction system is in place to recover funds from defaulters with bank balances.
He dismissed concerns about travel restrictions, stating that the loan does not place beneficiaries on any form of watchlist or limit their movement.
Sawyerr urged beneficiaries, including those abroad, to fulfil repayment obligations, describing the scheme as a social investment aimed at expanding access to higher education and sustaining opportunities for future students.
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