The Nigerian Education Loan Fund (NELFUND) has called for strong collaboration with the National Assembly to ensure the effective deployment of funds from the newly introduced Development Levy, aimed at transforming Nigeria’s education financing landscape and expanding access to affordable loans for students.
The appeal follows the recent 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 initiative, NELFUND is set to receive 25 percent of the levy proceeds, creating a significant opportunity to finance educational aspirations and support millions of Nigerian students.
NELFUND emphasized that timely appropriation, efficient releases, and broad-based sensitisation are essential to harness the full transformative potential of the funding.
It added that collaboration with the National Assembly, the Ministry of Finance, and the Office of the Accountant-General will be critical in ensuring funds are effectively managed and reach students in need without bureaucratic delays.
To maximize the impact, the Fund has committed to launching nationwide sensitisation campaigns to educate students and families on how to access education loans.
It also plans to invest in digital platforms to enhance transparency and efficiency, strengthen partnerships with educational institutions to streamline loan administration, and expand outreach to underserved regions to ensure inclusiveness.
Reaffirming its dedication to accountability and transparency, NELFUND assured stakeholders that every naira would be used to broaden access to education, stressing that no Nigerian student should miss out on higher learning opportunities due to financial constraints.
The Fund pledged to strengthen systems, include more students, and ensure efficient management of resources for long-term impact.
The initiative marks a pivotal step in addressing the country’s education financing challenges, with hopes that broad collaboration and effective allocation of the levy will yield transformative results for Nigeria’s human capital development.
