Repayment for NELFUND loans not required yet, says Tinubu’s aide
President Bola Tinubu’s Special Assistant on Social Media, Olusegun Dada, has stated that no beneficiaries of the Nigeria Education Loan Fund are currently required to start repaying their loans. He urged Nigerians to ignore misinformation about repayment timelines circulating online. Dada explained that repayment will only begin after a two-year moratorium following completion of the National Youth Service Corps scheme. The Managing Director of NELFUND, Akintunde Sawyerr, also clarified that the repayment process is designed to be fair and does not restrict beneficiaries’ travel.
What we know
- Olusegun Dada clarified that no applicant is yet due for repayment under the Nigeria Education Loan Fund.
- Repayment will start only after a two-year moratorium following the completion of the National Youth Service Corps scheme.
- Akintunde Sawyerr stated that the repayment process is “seamless, transparent, and fair,” with employers primarily responsible for deductions.
- There are no travel bans or restrictions imposed on beneficiaries of the loan scheme.
- Repayment in the third year is set at 10 per cent of the beneficiary’s income, and the NELFUND scheme aims to support future students’ access to education.
