The Nigerian Education Loan Fund (NELFUND) has called for stronger collaboration with the National Assembly to ensure effective implementation of its 25 percent allocation from the new Development Levy.
The levy, introduced under the National Taxation Act (NTA 2025), imposes a 4 percent tax on assessable profits of taxable companies, excluding small and non-resident companies, as well as profits from hydrocarbon tax.
According to NELFUND’s Managing Director, Akintunde Sawyerr, the allocation marks a pivotal step towards transforming Nigeria’s education financing landscape.
However, he emphasised that timely appropriation, efficient releases, and broad-based sensitisation are critical to unlocking the transformative potential of this funding.
The Fund plans to expand nationwide sensitisation campaigns, invest in digital platforms, strengthen partnerships with tertiary institutions, and deepen inclusivity and outreach to guarantee that no eligible student is left behind.
“While this new funding stream provides NELFUND with a stronger base to fulfil 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.
“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.
“Outlining its forward-looking plans, 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.
“Investing in digital platforms and infrastructure to ensure transparent, efficient, and user-friendly loan application and disbursement processes.
“Strengthening partnerships with tertiary institutions to streamline loan administration and repayment frameworks.
“Deepening inclusivity and outreach, particularly targeting underserved regions and vulnerable groups, to guarantee that no eligible student is left behind,” the he explained.
NELFUND reaffirmed its commitment to accountability, transparency, and responsible fund management, assuring stakeholders that every naira allocated will be directed towards broadening access to education and strengthening Nigeria’s human capital development.
Sawyerr stated, “The 25% allocation from the Development Levy gives us the capacity to reach more students, strengthen our systems, and deliver on our mandate more effectively. However, for this opportunity to translate into real impact, we need strong collaboration with the National Assembly in the appropriation process and in nationwide sensitisation.”
