The Nigerian Education Loan Fund (NELFUND) has urged for stronger collaboration with the National Assembly to ensure the effective realization and deployment of its 25% allocation from the newly introduced Development Levy.
This appeal was voiced by the Managing Director and Chief Executive Officer of NELFUND, Mr. Akintunde Sawyerr, in a statement released on Monday, as the country readies for the implementation of the Development Levy, set to take effect on January 1, 2026.
Mr. Sawyerr highlighted that timely appropriation, efficient fund release, and widespread sensitization are crucial to unlocking the transformative potential of the Development Levy in expanding access to affordable education loans for Nigerian students.
“The recently approved National Taxation Act (NTA 2025) introduces a 4% Development Levy on assessable profits of taxable companies, excluding small and non-resident companies, as well as profits from hydrocarbon tax,” he explained. “Under this new framework, NELFUND stands to receive 25% of the levy proceeds, which represents a significant opportunity to enhance education financing and assist millions of Nigerian students in their academic pursuits.”
He also emphasized that while this funding stream provides NELFUND with a strengthened base to fulfill its mandate, the effective implementation of this funding will depend on two key factors: prompt appropriation by the National Assembly and efficient disbursement by the Ministry of Finance and the Office of the Accountant-General of the Federation.
The NELFUND Boss further announced plans for intensive nationwide sensitization campaigns aimed at informing students, families, and educational institutions about the opportunities available under the new framework.
He also mentioned ongoing investments in digital platforms designed to ensure a transparent, efficient, and user-friendly loan application and disbursement process.
Other strategic initiatives outlined by Mr. Sawyerr include strengthening partnerships with tertiary institutions to streamline loan administration and repayment frameworks, as well as enhancing inclusivity and outreach to underserved regions and vulnerable groups to ensure that no eligible student is overlooked.
The CEO elaborated on the significance of collaborative efforts, stating, “The 25% allocation from the Development Levy marks a pivotal step towards transforming Nigeria’s education financing landscape. It empowers us to reach more students, reinforce our systems, and effectively deliver on our mandate.”
He further emphasized the need for strong collaboration with the National Assembly in the appropriation process and nationwide sensitization, as well as cooperation with the Ministry of Finance and the Accountant-General’s Office to guarantee timely releases. “Together, we can establish a stronger, more inclusive system where no Nigerian student is denied the chance to learn due to financial limitations,” he concluded.
The Fund reaffirmed its commitment to accountability, transparency, and responsible fund management, assuring stakeholders that every naira allocated will be directed toward enhancing access to education and fostering Nigeria’s human capital development.
For further updates and information, stakeholders and the public are encouraged to engage with NELFUND.