NELFUND
The Nigerian Education Loan Fund Has Labelled As Fake News a Circulating Image Claiming That President Bola Tinubu Had Announced Life Imprisonment For Students Who Fail To Repay Their Education Loans After Graduation.
The Fund Was Established Under The Student Loans Act, Signed Into Law By President Tinubu And Re-Enacted In 2024.
According to Thecasternews, Under The Governing Law, Repayment Becomes Due Two Years After Completion Of The National Youth Service Corps Programme, Or Exemption From It, And Only Once The Beneficiary Is Gainfully Employed.
Also, Monthly Deductions Are Capped At 10 Per Cent Of The Beneficiary’s Gross Income Or Salary, Deducted At Source By Employers Where Applicable.
Self-Employed Beneficiaries Are Expected To Remit a Similar Portion Of Their Income.
Those Who Remain Unemployed After The Two-Year Period Can Seek Extensions By Providing a Sworn Statement.
