NELFUND Seeks N’Assembly Support for 25% Allocation to Transform Education

Kuni Tyessi in Abuja

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

Implementation of the new development levy will be effective from January 1, 2026. The recently approved National Taxation Act introduced a four per cent 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 per cent of the levy’s 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 Sawyerr, emphasised that timely appropriation, efficient releases, and broad-based sensitisation were critical to unlocking the transformative potential of the funding in expanding access to affordable education loans for Nigerian students.

Outlining its forward-looking plans, Sawyerr said NELFUND was committed to expanding nationwide sensitisation campaigns to raise awareness among students, families, and institutions on how to access education loans under the new framework; and investing in digital platforms and infrastructure to ensure transparent, efficient, and user-friendly loan application and disbursement processes.

Others were strengthening partnerships with tertiary institutions to streamline loan administration and repayment frameworks; and deepening inclusivity and outreach, particularly targeting underserved regions and vulnerable groups to guarantee that no eligible student was left behind.

He said, “The 25 per cent 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.”

Sawyerr 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