The Nigerian Education Loan Fund (NELFUND) has solicited the support and collaboration from the National Assembly to ensure that its 25 per cent allocation in the new Development Levy was fully realised and effectively deployed.
Managing Director of NELFUND, Mr Akintunde Sawyerr, in a statement on Monday, noted that the 25 per cent allocation from the ‘Development Levy’ marks a pivotal step towards transforming Nigeria’s education financing landscape.
He said: “It gives us the capacity to reach more students, strengthen our systems, and deliver on our mandate more effectively. But for this opportunity to translate into real impact, we need strong collaboration with the National Assembly in the appropriation process and in nationwide sensitisation, while also working with the Federal Ministry of Finance and the Office of the Accountant-General to ensure efficient releases.
“Together, we can build a stronger, more inclusive system where no Nigerian student is denied the chance to learn because of financial constraints. 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 students.”
He noted the recently approved National Taxation Act (NTA 2025) that introduced a four per cent “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 per cent of the levy proceeds, representing a significant opportunity to scale education financing and support millions of Nigerian students in pursuing their academic aspirations.”
He also reaffirmed NELFUND’s unwavering commitment to accountability, transparency, and responsible fund management, assuring all stakeholders that every naira allocated will be directed towards broadening access to education and strengthening Nigeria’s human capital development.
