The Nigerian Education Loan Fund (NELFUND) has urged the National Assembly to back its 25 percent share of the new Development Levy. The fund wants assurance that this allocation will be properly appropriated and well used.
The Development Levy, under the National Taxation Act 2025, takes effect on January 1, 2026. It charges 4 percent on assessable profits of taxable companies. Small and non-resident companies, as well as hydrocarbon profits, are exempt.
Under the Act, NELFUND is allocated 25 percent of the levy proceeds. This is a major chance to boost education financing, and reach many more students.
Managing Director Akintunde Sawyerr emphasised three things: that the National Assembly must approve the funds, that releases be timely, and that there must be broad sensitisation. He said these are essential for real impact.
NELFUND plans to expand awareness campaigns so students, families and institutions understand how to access student loans under the new law. It also intends investment in digital platforms to make application and disbursement processes efficient and transparent.
The Fund announced partnerships with tertiary institutions to streamline loan administration and repayment. It also promised to deepen outreach in underserved regions and among vulnerable groups so no eligible student is left behind.
Furthermore, NELFUND pledged to uphold accountability and transparency in managing the funds. It assured stakeholders that every naira will go toward widening access to loans and strengthening human capital development.
Overall, this 25 percent levy allocation represents a pivotal opportunity. However, its success depends on solid collaboration among NELFUND, the National Assembly, the Ministry of Finance, and the Accountant-General’s Office.
Read more Nigeria breaking news at the homepage.
