The Nigerian Education Loan Fund (NELFUND) has called for stronger collaboration with the National Assembly to ensure the smooth implementation of the newly introduced Development Levy, which is expected to transform education financing and expand access to affordable student loans across the country.
The call comes on the heels of the passage of the National Taxation Act (NTA 2025), which introduces a 4 percent Development Levy on the assessable profits of taxable companies, including small, non-resident, and hydrocarbon companies.
Under the new arrangement, NELFUND will receive 25 percent of the levy proceeds, creating what officials describe as a “historic opportunity” to finance the educational aspirations of millions of Nigerian students.
In a statement, NELFUND stressed that timely appropriation, efficient releases, and nationwide sensitisation will be vital to unlocking the full benefits of the funding. It highlighted the need for close coordination with the National Assembly, the Ministry of Finance, and the Office of the Accountant-General to prevent bureaucratic delays and ensure that funds are effectively channelled to students in need.
To maximize impact, the Fund announced plans to:
Launch nationwide sensitisation campaigns to guide students and families on loan access.
Deploy digital platforms for greater transparency and efficiency.
Partner with educational institutions to streamline loan administration.
Expand outreach to underserved regions to ensure inclusiveness.
Reaffirming its commitment to accountability, NELFUND pledged that every naira would be used to widen access to education, insisting that no Nigerian student should be denied higher learning opportunities because of financial constraints.
