The Managing Director and Chief Executive Officer of the Nigeria Education Loan Fund (NELFUND), Mr. Akintunde Sawyer, has unveiled a comprehensive plan for student loan recovery, job creation, and financial accountability in an exclusive interview with Channels Television.
Mr. Sawyer disclosed that NELFUND will operate a National Identification Number-based database that employers across the country can consult to determine whether potential employees have outstanding student loans. In cases where an employee has an unpaid loan, employers will be mandated to deduct 10 percent of their salary or wages and remit it to NELFUND until the debt is cleared.
This repayment mechanism, he explained, will run separately from a new employment portal NELFUND is set to launch, which will connect loanees and other job seekers to opportunities in both the public and private sectors. The initiative aims to centralize job listings from various government agencies and private companies, ensuring that graduates can find full-time, part-time, or contract work without the burden of physically searching for vacancies.
Addressing recent controversies over double payments to institutions, Mr. Sawyer explained that the issue arose because the scheme began on May 24, 2024, after many students had already paid their tuition fees from other sources. In some cases, both the students and NELFUND paid fees to the same institution, resulting in duplicate payments. According to him, institutions are legally obliged to refund such excess payments directly to the affected students, not to NELFUND. While some institutions processed refunds promptly, others have been slow, causing agitation among students who often rely on such funds for their upkeep.
To prevent a recurrence, NELFUND plans to synchronize loan application deadlines with institutional registration dates. This, Mr. Sawyer stressed, will minimize processing delays and ensure that disbursements align with academic timelines.
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Speaking on public trust in government initiatives, the NELFUND boss admitted that Nigeria, like many countries, suffers from a trust deficit between citizens and the state. He emphasized that the agency is committed to building credibility by making promises and keeping them, noting that NELFUND publishes its disbursement, application, and registration figures daily. This transparency, he said, is vital for sustainability, as the program may require future contributions from the public and private sectors.
Providing updated statistics, Mr. Sawyer revealed that as of today, 742,000 students have registered on the NELFUND portal, 735,000 have formally applied for loans, and 449,000 have already benefited through tuition payments or a combination of tuition and stipends. In total, NELFUND has disbursed N86 billion — N47 billion to 218 state and federal-owned tertiary institutions for tuition, and N38 billion in stipends paid to students in installments.
On the loan processing timeline, he clarified that while the turnaround is typically 30 to 45 days, it depends entirely on meeting stringent verification procedures. NELFUND must confirm student identities, enrollment status, course details, and tuition costs with institutions before releasing funds. Any discrepancies or unresolved issues halt payment until they are resolved.
Addressing the ongoing House of Representatives and ICPC probe into the double payment issue, Mr. Sawyer maintained that managing public funds requires constant vigilance and transparency. He called for collective responsibility in ensuring accountability, stressing that how Nigeria treats its students today will shape the character and integrity of the nation’s future leaders.
