The Nigerian Education Loan Fund, NELFUND, has called for stronger support and collaboration with the National Assembly to ensure that its 25 per cent allocation of the new development levy is fully realised and effectively deployed.
Managing Director and Chief Executive of NELFUND, Mr Akintunde Sawyerr, made the appeal in a statement on Monday as the country prepares for the implementation of the new Development Levy, which will take effect on 1st January 2026.
Sawyerr emphasised that timely appropriation, efficient releases, and broad-based sensitisation are critical to unlocking the transformative potential of this funding in expanding access to affordable education loans for Nigerian student
“The recently approved National Taxation Act (NTA 2025) introduces a 4% Development Levy on the assessable profits of taxable companies, excluding small and non-resident companies as well as profits from hydrocarbon tax.
“Under this framework, NELFUND is allocated 25% of the levy proceeds, representing a significant opportunity to scale education financing and support millions of Nigerian students in pursuing their academic aspirations,” he explained.
According to him, while this new funding stream provides NELFUND with a stronger base to fulfill its mandate, the Fund emphasises that effective implementation will depend on two critical factors: timely appropriation by the National Assembly and efficient releases by the Ministry of Finance and the Office of the Accountant-General of the Federation.
He noted that equally important is intensive nationwide sensitisation, which will ensure that students, families, and institutions fully understand and embrace the opportunities available under this new framework.
While outlining the Fund’s forward-looking plans, he said NELFUND has committed to expanding nationwide sensitisation campaigns to raise awareness among students, families, and institutions on how to access education loans under the new framework.
He disclosed that the fund is also investing in digital platforms and infrastructure to ensure transparent, efficient, and user-friendly loan application and disbursement processes.
Other plans outlined by the Fund’s Chief Executive are strengthening partnerships with tertiary institutions to streamline loan administration and repayment frameworks, and deepening inclusivity and outreach, particularly targeting underserved regions and vulnerable groups, to guarantee that no eligible student is left behind.
