The Nigerian Education Loan Fund (NELFUND) has called for stronger collaboration with the National Assembly to ensure the full realisation and effective deployment of its 25 percent allocation from the newly introduced development levy.
The levy, approved under the National Taxation Act, imposes a 4 percent charge on the assessable profits of taxable companies, excluding small firms, non-resident companies, and profits derived from hydrocarbon tax. Its implementation takes effect on January 1, 2026.
Under the framework, NELFUND will receive 25 percent of the levy’s proceeds to expand access to affordable education loans and support millions of Nigerian students.
Managing Director/Chief Executive Officer of NELFUND, Akintunde Sawyerr, said the allocation represents a pivotal opportunity to scale education financing. He stressed that timely appropriation, efficient fund releases, and broad-based sensitisation are crucial to achieving the intended impact.
Sawyerr outlined the Fund’s plans, including nationwide awareness campaigns to educate students, families, and institutions on loan access; investment in digital platforms to ensure transparent and efficient loan processing; stronger partnerships with tertiary institutions to streamline loan administration; and targeted outreach to underserved regions and vulnerable groups.
“The 25 percent allocation from the Development Levy marks a pivotal step towards transforming Nigeria’s education financing landscape. It gives us the capacity to reach more students, strengthen our systems, and deliver on our mandate more effectively,” Sawyerr said.
He added that collaboration with the National Assembly, the Ministry of Finance, and the Office of the Accountant-General would be critical to ensure effective appropriation, disbursement, and accountability.
Sawyerr further reaffirmed NELFUND’s commitment to transparency and responsible fund management, assuring stakeholders that every naira allocated will be channelled into broadening access to education and strengthening Nigeria’s human capital development.
