EXPLAINER: How unemployed NELFUND beneficiaries can notify FG of status

For those who have received unemployment benefits from the Nigerian Education Loan Fund (NELFUND), it is crucial to notify the Fund of one's employment status if they remain jobless two years after completing the National Youth Service Corps (NYSC) program. According to the Fund's guidelines, this requirement is essential to ensure the proper repayment of the student loan.

Unemployed beneficiaries should first wait until two years have passed since completing their NYSC service. At this point, if they are still unable to secure employment, they must formally notify NELFUND through a sworn court affidavit every three months. This affidavit is a legal declaration of the beneficiary's ongoing unemployment status.

The affidavit requirement is a significant condition for loan repayment. It allows the Fund to track the beneficiary's employment status and adjust repayment arrangements accordingly. Once a beneficiary secures employment, they are required to inform NELFUND, allowing the Fund to deduct 10% of their salary at source to facilitate repayment.

For those who become self-employed, the repayment obligation remains the same: 10% of their monthly profit must be remitted to the Fund. It is vital for all beneficiaries to keep their employment status updated with NELFUND to ensure compliance with repayment terms.