• About Us
    • Àtẹ́lẹwọ́ Podcast
  • Contact
  • Cookie Policy
  • Disclaimer
  • Privacy Policy
  • Sitemap
Freelanews
Advertisement
  • Home
  • News
    • Crime
  • Business
  • Brands
  • Banking
  • Opinion
  • Interview
  • Entertainment
  • Podcast
    • Àtẹ́lẹwọ́
  • Sports
  • Events
No Result
View All Result
  • Home
  • News
    • Crime
  • Business
  • Brands
  • Banking
  • Opinion
  • Interview
  • Entertainment
  • Podcast
    • Àtẹ́lẹwọ́
  • Sports
  • Events
No Result
View All Result
Freelanews
No Result
View All Result
Home Education

Repayment of student loan begins two years after NYSC – FG

Quadri Olaitan by Quadri Olaitan
March 7, 2024
in Education
0
Student Loans

The Federal Government has said the recovery process from beneficiaries of the Nigeria Education Loan Scheme would commence two years after the National Youth Service Scheme.

The Executive Secretary, NELFund, Dr. Akintunde Sawyer, made this known during an interview with the News Agency of Nigeria on Thursday in Abuja.

On June 12, 2023, President Bola Tinubu signed the Access to Higher Education Act, 2023 into law, to enable indigent students to access interest-free loans for their educational pursuits in any Nigerian tertiary institution

However, Sawyer said that the reason for the two-year grace after NYSC was to afford the beneficiaries enough time to get a job and be stable before the repayment.

“The law provides that for students who go into paid employment, repayment will be two years after NYSC, but that does not mean that they cannot pay back before that time.

“However, if they don’t have a job two years after NYSC, we cannot compel them to pay. Where are they going to get the money from? So, we will help them and wait for them to be able to pay.

“There will be a register of those who have taken the loan and employers will have access to that register and see who has a loan.

“Once they see who has a loan, when they are employing the individual, they will be obliged through the payroll system to refund 10 per cent of the earnings of that individual back to the fund,’’ he said.

Sawyer said that the modalities of how the money would be rooted were still being worked out but the employer would be obliged to make those deductions for as long as that person is at work.

“If they are yet to secure employment or if they lose their jobs they are not obliged to pay.

“We are not trying to turn applicants into criminals. We are trying to help Nigerians who need better education to get it so that they can improve their lives and the country as a whole can see improvement in its social-economic development,’’ he said.

For those who might want to deliberately circumvent the process of repayment, Sawyerr said there must be a way the law will catch up with them.

He said this could be achieved whenever the defaulters need to assess loans or any facilities from commercial banks.

The NELFund secretary also called on Nigerians not to politicise the student loan scheme because of its immense advantages.

He said, “I want to implore Nigerians to support this programme however imperfect it might seem because we will not get to perfection unless we start with something.

“I want to implore Nigerians to avoid politicising an issue that is so important to assist the youths.

“I am saying this because whenever there is a policy drive or something that impacts many people, there will be some perceived losers.”

The FG had voted N50 billion in the 2024 budget for the implementation of its student loan scheme, as contained in the details of the 2024 budget appropriation.

Tinubu gave the assurance that the loan scheme would kick off in January.

He stated, “By January 2024, the new student loan programme must commence. To the future of our children and students, we are saying no more strikes.

“To address long-standing issues in the education sector, a more sustainable model of funding tertiary education will be implemented, including the Student Loan Scheme scheduled to become operational by January 2024.”

Quadri Olaitan
Quadri Olaitan

Related Posts

UNICEF laments 15% school dropout rate in southwest
Education

UNICEF laments 15% school dropout rate in southwest

by Quadri Olaitan
August 15, 2024
Miriam Olusanya scaled
Career

Board, shareholders, others lose faith in Miriam Olusanya’s leadership as GTBank battles crises

by Rtn. Victor Ojelabi
March 12, 2023
school 2
Education

‘Grown fat on our pay’ Model college parents forum accuses Lagos officials, principals of defrauding them

by Freelanews
August 19, 2021
1753455763098
Education

NELFUND Opens Student Loan Portal for 2025/2026 Academic Session

by AbdulBasit Saba
October 21, 2025
DR BAMGBOSE PS
Education

‘What’s the use?’ It’s time we go back to 6-5-2-3 education system, Bamgbose says

by Freelanews
September 2, 2021

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

ADVERTISEMENT

Recent News

Expert businessman giving interview at a conference, surrounded by journalists with microphones, showcasing leadership and communication skills in the professional event.

Adebayo Adelabu unveils N700bn metering plan

October 28, 2025
Kwara Cancer

Kwara cancer screening boosts early detection drive

October 28, 2025
Nestoil

Nestoil placed under receivership over $1bn debt

October 28, 2025
Omoge Saida

Omoge Saida sparks Nigerian social media over leaked video

October 28, 2025

Search

  • Trending
  • Comments
  • Latest
Political persecution in Ogun State

Political persecution in Ogun State: Abiodun moves against Otunba Gbenga Daniel with demolition threats again

August 9, 2025
APC Second-Term Governors

APC: Second-term governors seeking immediate elective post to lose party leadership

October 15, 2025
April Wind Couture

April Wind Couture thrives in Nigeria’s tough economy with bold Ankara vision

September 12, 2025
Abdul-Muiz Olanrewaju Animashaun

Abdul-Muiz Olanrewaju Animashaun remembered with love

September 14, 2025
amoke

‘Meals by Amoke’ We serve traditional dishes in a modern way, Bukoye Fasola reveals

19
Image 2024 03 26 at 120645 AM jpeg

Charles Inojie, Ali Nuhu call on communities to #MakeWeHalla against domestic violence

11
Meran Primary Health Centre Lagos father Meran hospital

Lagos father shares heartbreaking experience at Meran Primary Health Centre (Photos)

4
fls2

‘Disarticulated system’ Gov’t confused about Nigerian education, expert laments

3
Expert businessman giving interview at a conference, surrounded by journalists with microphones, showcasing leadership and communication skills in the professional event.

Adebayo Adelabu unveils N700bn metering plan

October 28, 2025
Kwara Cancer

Kwara cancer screening boosts early detection drive

October 28, 2025
Nestoil

Nestoil placed under receivership over $1bn debt

October 28, 2025
Omoge Saida

Omoge Saida sparks Nigerian social media over leaked video

October 28, 2025
October 2025
SMTWTFS
 1234
567891011
12131415161718
19202122232425
262728293031 
« Sep    
Freelanews

Freelanews is a Nigerian digital news platform that delivers timely, credible, and engaging stories across politics, business, entertainment, lifestyle, and the creative industry, with a strong focus on promoting innovation, integrity, and inclusivity in storytelling.

Hot!

Expert businessman giving interview at a conference, surrounded by journalists with microphones, showcasing leadership and communication skills in the professional event.

Adebayo Adelabu unveils N700bn metering plan

October 28, 2025
Kwara Cancer

Kwara cancer screening boosts early detection drive

October 28, 2025
No Result
View All Result
  • About Us
  • Contact
  • Advertisement
  • Sitemap

© 2025 Freelanews | by Iretura.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Home
  • News
    • Crime
  • Business
  • Brands
  • Banking
  • Opinion
  • Interview
  • Entertainment
  • Podcast
    • Àtẹ́lẹwọ́
  • Sports
  • Events

© 2025 Freelanews | by Iretura.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.