I talked about The Nigerian education loan fund (NELFUND) yesterday and how it will be kickstarting its portal enrollment from today Thursday 23rd October 2026 and will be spanning until the 31st of January 2026. Let's just say in a three month and a week interval. Ok, I know this may not seem like a big project to those advanced countries who have passed such stages ahead.
We have to embrace development over here as a developing country. Let's just hope that we continue to see such positive changes after a very long wait. This is a follow up article and yes, as I said there will also be another. I will be centering on this facts; cost of enrollment, repayment criteria, year of starting payment and in general how this adds to the educational growth.
Yesterday was the breaking of the good news and it better one gets more aware of the rules of engagement. Starting from the cost of enrollment, I will let it out straight; IT IS FREE, according to information I gathered yesterday. humans love exploiting so every Nigerian student wanting to enroll should know that he/she is not supposed to pay a single Kobo to get this loan as long as admission details are very intact. Trust me, this can even scare aware some potential students, something we will not want to see.
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Anyway, it will be ALL about awareness, earlier information pickers always love to exploit especially when it is taken to the remote part of the country. So I repeat again; NELFUND IS FREE. Moving forward, we are going to look at the repayment criteria. It will be a 10% monthly deduction from salary or owners account; be it business or personal.
What ever source of income it will come from, BVN (Bank Verification Number) and NIN (National Identity Number) details will help the government for proper monitoring. Of course with this two intact, you can't escape compliance.
The repayment is expected to kickstart two years after a student has returned from the NYSC program. It is going to be. 10% monthly reduction with no attached interest on loan. Again for me, this is another thumbs up. I like the laps that is given so at least one can start searching for a job or perhaps set up business within that range. It is indeed a flexible loan. These are the kind of loans I will personally be pursuing to kick my business. Ok, I know, this one is for educational purposes only. We will be looking forward to entrepreneurial flexible loans/grants are available.
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What then happens when one is still unable to secure a job. It is something worth considering in an overcrowded labour market and a shrinking employment rate. Not too much a problem, you can always relate back to the NELFUND office stating through writing your current unemployed state. I feel this will be easily verified since your account balance details (daily, weekly or monthly) transactions can easily be traced.
Another thing to consider is that it will also help out government to sit up in the aspect of creating employment and also sponsoring upcoming entrepreneurs who can help open doors for more citizens securing jobs. Another thing to consider too is how this will promote national investment.
I feel locally made products will be prioritized because it will open doors for skills acquisition practices; the idea is for students even during education period or service to have what to do ahead of time for stressless repayments.
To conclude, let me add, there is still much to consider about how this project will affect Nigerians in entirety. Maybe I failed to put it in; this loan is for public universities and other tertiary educations. Anyway, pursuing anything private institution is out of reach.
I am looking at the educational growth of this nation. It is expected from here that we will be seeing an increased number of graduates. Better put from my side; more numbers of educated individuals It is not necessarily about securing papers, the center point of education is exposure. Let's keep praying for a better Nigeria.
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