Nigerian Education Loan Fund (NELFUND) has called for stronger support and collaboration with the National Assembly to ensure that its 25% allocation is promptly appropriated, fully realised , effectively deployed to unlock the transformative potential of the funding in expanding access to affordable education loans for Nigerian students.
The recently approved National Taxation Act (NTA 2025) introduces a 4% 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% of the levy proceeds, representing a significant opportunity to scale education financing and support millions of Nigerian students in pursuing their academic aspirations.
While this new funding stream provides NELFUND with a stronger base to fulfill 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.
Also important is the intensive nationwide sensitisation, which will ensure that students, families, and institutions fully understand and embrace the opportunities available under this new framework.
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.
Speaking on the importance of collaboration, the Managing Director/CE of NELFUND, MlllAkintu6nde Sawyerr, said: “The 25% allocation from the Development Levy marks a pivotal step towards transforming Nigeria’s education financing landscape.
“It 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 light úlllllllll, we need strong collaboration with the National Assembly in the appropriation process and in nationwide sensitisation, while also working with the Ministry of Finance and the Office of the Accountant-General to ensure efficient releases.
“Together, we can û student is denied the chance to learn because of financial constraints.”
NELFUND reaffirmed its 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.
The implementation of the new Development Levy, will commence 1st January 2026,
Author :Maureen Ikpeama