The Nigerian Education Loan Fund (NELFUND) has called on the National Assembly to ensure timely appropriation and efficient release of its 25 per cent allocation from the newly approved development levy, set to take effect on January 1, 2026.
The call comes as the country prepares to implement the four per cent levy introduced under the National Taxation Act (NTA 2025), which will be charged on assessable profits of taxable companies, excluding small firms, non-resident entities, and hydrocarbon tax profits.
Under the framework, NELFUND is entitled to a quarter of the proceeds, representing a significant boost to its mandate of expanding access to affordable education loans for Nigerian students.
The Managing Director/Chief Executive of NELFUND, Mr. Akintunde Sawyerr, described the allocation as a pivotal step for education financing in Nigeria.
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He stressed that its impact depends on strong collaboration between the legislature, the Ministry of Finance, and the Office of the Accountant-General of the Federation.
He also highlighted the need for nationwide sensitisation to ensure that students, families and institutions fully understand the new opportunities.
“The 25 per cent 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, alongside efficient releases and robust sensitisation,” Sawyerr said.
The managing director outlined plans to expand awareness campaigns, invest in digital platforms for transparent loan processes, strengthen ties with tertiary institutions, and extend outreach to underserved communities to ensure inclusivity.
He also reaffirmed its commitment to accountability and transparency, assuring stakeholders that the allocation will be fully directed towards widening access to education and advancing Nigeria’s human capital development.
