NELFUND Seeks National Assembly Support for 25% Allocation to Transform Education

The Nigerian Education Loan Fund (NELFUND) has called for stronger collaboration with the National Assembly to ensure the full realization and effective deployment of its 25 percent allocation from the newly introduced Development Levy. This allocation represents a landmark opportunity to transform education financing and support millions of Nigerian students in achieving their academic dreams.

The new development levy will take effect from 1st January 2026 under the recently approved National Taxation Act. This Act introduces 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, which provides a substantial financial base to scale up education financing across Nigeria.

Akintunde Sawyerr, the Managing Director and Chief Executive Officer of NELFUND, emphasized that timely appropriation, efficient fund releases, and broad-based sensitization are critical to unlocking the transformative potential of this allocation.

Related News: Parents, Students Lament Inability to Upload WAEC Results on JAMB’s Portal

FUOYE ASUU Begins Strike Over Unpaid Salaries

He noted that the Fund’s goal is to significantly expand access to affordable education loans for Nigerian students and ensure the effective management of the funds.

According to Mr. Sawyerr, the 25 percent allocation from the Development Levy marks a pivotal step in transforming Nigeria’s education financing landscape. With this funding, NELFUND can reach more students, strengthen its systems, and deliver on its mandate more effectively.

He stressed that collaboration with the National Assembly during the appropriation process and in nationwide sensitization is essential to ensure that this opportunity translates into real impact.

To maximize the impact of the allocation, NELFUND plans to work closely with the Ministry of Finance, the Office of the Accountant-General, and other key stakeholders to ensure timely and efficient fund releases. These partnerships will also enhance accountability and transparency in managing the funds.

Mr. Sawyerr reaffirmed NELFUND’s unwavering commitment to accountability, transparency, and responsible fund management. He assured all stakeholders that every naira allocated from the levy would be directed toward broadening access to education and strengthening human capital development in Nigeria.

For millions of Nigerian students, the 25 percent allocation signals a brighter future for affordable education loans. It means more access to funding for tuition, books, and living expenses, enabling students from all walks of life to pursue their academic goals without financial barriers.

This initiative also aligns with Nigeria’s broader vision of human capital development, equipping young people with the skills and education needed to drive the country’s economic growth and social progress.

The Nigerian Education Loan Fund (NELFUND)’s call for National Assembly support underscores the importance of legislative collaboration in unlocking the transformative power of education financing. With a 25 percent allocation from the Development Levy, NELFUND is poised to significantly expand access to education loans, strengthen its systems, and ensure that no Nigerian student is left behind.

As Nigeria moves toward January 2026, the effective implementation of this initiative will depend on timely appropriations, efficient fund releases, and robust sensitization efforts across the nation.