The Nigerian Education Loan Fund (NELFUND) has appealed for stronger collaboration with the National Assembly to ensure the full realisation and effective deployment of its 25 percent allocation from the newly approved development levy.

The National Taxation Act, which introduces a 4 percent development levy on the assessable profits of taxable companies—excluding small businesses, non-resident firms, and hydrocarbon-related profits—will take effect on January 1, 2026. Under this framework, NELFUND is entitled to 25 percent of the levy proceeds, a provision seen as a major opportunity to scale up education financing and expand access to affordable loans for millions of Nigerian students.

Managing Director and Chief Executive Officer of NELFUND, Akintunde Sawyerr, stressed the importance of timely budget appropriation, efficient fund releases, and wide-scale awareness campaigns in realising the transformative potential of the initiative.

He explained that the Fund’s next steps include nationwide sensitisation to educate students, families, and institutions on accessing education loans under the new scheme; investment in digital infrastructure to guarantee transparent, efficient, and user-friendly loan application and disbursement processes; and partnerships with tertiary institutions to streamline loan administration and repayment.

Other priorities, he said, include extending outreach to underserved communities and vulnerable groups to ensure inclusivity and equal access to the scheme.

According to him, “The 25 percent 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.”

Sawyerr, however, cautioned that collaboration would be key in translating the opportunity into real impact. “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 Ministry of Finance and the Office of the Accountant-General to ensure efficient releases,” he said.

He assured stakeholders of NELFUND’s commitment to transparency and prudent management of resources, noting that “every naira allocated will be directed towards broadening access to education and strengthening Nigeria’s human capital development.