NELFUND urges NASS partnership to strengthen education financing
By Uji A. Iliyasu, Abuja
The Nigerian Education Loan Fund (NELFUND) has appealed for stronger collaboration with the National Assembly to ensure the effective implementation of the newly approved Development Levy, which comes into effect on 1 January 2026.
Managing Director/Chief Executive of NELFUND, Mr Akintunde Sawyerr, made the call in a statement issued on Monday, stressing that the 25 per cent allocation due to the Fund must be fully realised and efficiently deployed to expand access to affordable education loans for Nigerian students.
The Development Levy was introduced under the National Taxation Act (NTA) 2025, imposing a four per cent charge on the assessable profits of taxable companies, with exemptions for small and non-resident companies as well as hydrocarbon tax profits. NELFUND is set to receive 25 per cent of the levy proceeds, representing a substantial opportunity to scale education financing and support millions of young Nigerians in their academic pursuits.
According to the Fund, the success of this new funding stream will hinge on two critical elements: timely appropriation by the National Assembly and efficient releases by the Ministry of Finance and the Office of the Accountant-General of the Federation. It also emphasised the need for extensive nationwide sensitisation to ensure that students, families, and institutions fully understand and embrace the new framework.
Outlining its forward-looking agenda, NELFUND pledged to:
Intensify nationwide sensitisation campaigns to raise awareness on how to access education loans,
invest in digital platforms and infrastructure for transparent, efficient, and user-friendly loan application and disbursement processes,
strengthen partnerships with tertiary institutions to streamline loan administration and repayment frameworks, and deepen inclusivity, particularly in underserved regions and among vulnerable groups, to ensure no eligible student is excluded.
Mr Sawyerr described the levy as a watershed in Nigeria’s education financing landscape.
“The 25 per cent allocation from the Development Levy marks a pivotal step towards transforming Nigeria’s education financing system. It enables us 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 appropriation and sensitisation, while also working closely with the Ministry of Finance and the Office of the Accountant-General to guarantee efficient releases. Together, we can build a stronger, more inclusive system where no Nigerian student is denied education because of financial constraints,” he said.
NELFUND reaffirmed its commitment to accountability, transparency, and prudent fund management, assuring all stakeholders that every naira received will be channelled into broadening access to education and strengthening Nigeria’s human capital development.
Enquiries may be directed via email at [email protected] or through NELFUND’s official social media platforms:
X (formerly Twitter): @nelfund,
Instagram: @nelfund,Facebook & LinkedIn: Nigerian Education Loan Fund – NELFUND.