The Nigerian Education Loan Fund (NELFUND) has sought for stronger support and collaboration with the National Assembly to ensure that its 25 percent allocation is fully realised and effectively deployed.

The implementation of the new development levy will be effective from 1st January 2026. The recently approved National Taxation Act introduced a 4 percent 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 percent of the levy proceeds, representing a significant opportunity to scale education financing and support millions of Nigerian students in pursuing their academic aspirations.

Managing Director/Chief Executive Officer of NELFUND, Akintunde Sawyer, emphasised that timely appropriation, efficient releases, and broad-based sensitization are critical to unlocking the transformative potential of the funding in expanding access to affordable education loans for Nigerian student aspirations.

Outlining its forward-looking plans, Mr. Sawyerr said NELFUND is 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.

Others are 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.

He said, “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.

“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.”

He reaffirmed the Fund’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.