The Nigerian Education Loan Fund (NELFUND) has called on the National Assembly to give more substantial support to ensure that its 25 per cent share from the newly approved development levy is fully realised and properly utilised.
The levy, introduced under the National Taxation Act, will take effect from January 1, 2026. It places a 4 per cent charge on the profits of taxable companies, excluding small and non-resident firms as well as hydrocarbon tax profits.
Under the framework, NELFUND is entitled to a quarter of the levy proceeds — a boost expected to expand education financing and help millions of Nigerian students access loans for their studies.
Managing Director of NELFUND, Akintunde Sawyer, said timely appropriation, efficient releases and broad sensitisation would be vital to unlocking the fund’s full potential. He stressed that proper deployment of the levy would strengthen the government’s efforts to make higher education more affordable and accessible nationwide.
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