The Nigerian Education Loan Fund (NELFUND) has called for stronger collaboration with the National Assembly to ensure the effective implementation of the newly approved Development Levy, which takes effect on 1 January 2026.

Under the National Taxation Act (NTA) 2025, a four per cent Development Levy will be imposed on the assessable profits of taxable companies, excluding small and non-resident firms as well as hydrocarbon-related profits. NELFUND will receive 25 per cent of the levy to expand access to affordable loans for millions of students.

Managing Director and Chief Executive of NELFUND, Mr Akintunde Sawyerr, said the allocation represents a “turning point” for education financing but warned that its success depends on timely appropriations, efficient releases and robust nationwide sensitisation.

“This allocation represents a turning point for Nigeria’s education financing. With it, we can strengthen our systems, scale our reach, and better serve students. But to achieve real impact, we need strong collaboration with the National Assembly on appropriation and sensitisation, alongside efficient releases by the Ministry of Finance and the Office of the Accountant-General,” he said.

To ensure smooth deployment, NELFUND announced four priority actions:

  • Nationwide sensitisation campaigns to guide students, families and institutions on loan access.

  • Expansion of digital platforms for transparent loan applications and disbursements.

  • Closer partnerships with tertiary institutions to streamline administration and repayment.

  • Greater inclusivity to reach underserved regions and vulnerable groups.

The Fund reaffirmed its commitment to accountability and transparency, promising that every allocation would go towards expanding access to education and strengthening Nigeria’s human capital development.