NELFUND calls for collaboration to secure levy success, stressing timely appropriation, efficient releases, and sensitisation for education loans

The Nigerian Education Loan Fund (NELFUND) emphasised that timely appropriation, efficient releases, and broad-based sensitisation are critical to ensuring its 25% share of the levy is fully realised and deployed towards expanding access to affordable education loans.

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Under the National Taxation Act (NTA 2025), a 4% Development Levy will be charged on the assessable profits of taxable companies, excluding small and non-resident firms as well as hydrocarbon-related profits.

NELFUND is entitled to a quarter of the proceeds, a funding stream the agency describes as a transformative opportunity to strengthen education financing and help millions of students achieve their academic ambitions.

While welcoming this breakthrough, the Fund stressed that seamless coordination among government institutions will determine its success.

It called on the National Assembly to ensure prompt appropriation, while urging the Ministry of Finance and the Office of the Accountant-General of the Federation to guarantee efficient releases.

The agency also underscored the importance of nationwide sensitisation so that students, families, and institutions are fully informed about how to access and benefit from the loan scheme.

It pledged to expand awareness campaigns, upgrade digital platforms for transparent applications, and deepen partnerships with tertiary institutions to simplify loan administration and repayment.

Mr Akintunde Sawyerr, NELFUND’s Managing Director and Chief Executive, hailed the levy as a “turning point” for Nigeria’s education system.

“The 25% allocation from the Development Levy marks a pivotal step towards transforming education financing in Nigeria.

It gives us the capacity to reach more students, strengthen our systems, and deliver on our mandate more effectively,” he said.

“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.”

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NELFUND reaffirmed its commitment to accountability and transparency, assuring stakeholders that every naira allocated would be channelled towards broadening access to education and building Nigeria’s human capital base.