AfriPulse
FAVOUR ISHEMBER, Abuja
Nigeria is gearing up for the rollout of the new Development Levy starting January 1, 2026, and the Nigerian Education Loan Fund (NELFUND) is calling for a robust partnership with the National Assembly to secure its 25% allocation from the levy.
This funding is seen as a game-changer for education financing in Nigeria, potentially benefiting millions of students.
The National Taxation Act (NTA 2025) imposes a 4% Development Levy on taxable companies’ assessable profits, excluding small, non-resident firms and hydrocarbon tax profits.
Speaking in a press statement, Akintunde Sawyerr, Managing Director/CEO of Nigerian Education Loan Fund (NELFUND), said NELFUND is set to receive 25% of the levy proceeds, aimed at expanding affordable education loans.
Prompt approval by the National Assembly is crucial, as Smooth disbursement by the Ministry of Finance and the Office of the Accountant-General is necessary and widespread awareness campaigns to inform students, families, and institutions about accessing these education loans, the statement highlighted.
NELFUND’s Managing Director, Akintunde Sawyerr, stresses that collaboration and efficient implementation are vital to transforming Nigeria’s education landscape and ensuring no student is denied opportunities due to financial constraints.
The statement reads in part:
Outlining its forward-looking plans, 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/CEO of NELFUND, Mr. Akintunde 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 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. Together, we can build a stronger, more inclusive system where no Nigerian 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.
For further inquiries or assistance, please contact us via email at info@nelf.gov.ng or reach out through our official social media
Source: Championnews.com.ng | Read the Full Story…
