Development Levy: NELFUND seeks National Assembly backing for 25% allocation

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The Nigerian Education Loan Fund (NELFUND) has called for stronger support and cooperation from the National Assembly to ensure the successful allocation and utilization of its designated 25 percent share.

This request comes in preparation for the rollout of the newly introduced Development Levy, set to be enforced beginning January 1, 2026.

The call for support was made in a statement released on Monday by the Managing Director of the Fund, Akintunde Sawyerr.

Sawyerr emphasized the importance of timely budget approvals, efficient fund disbursement, and widespread public awareness as essential elements for maximizing the impact of the initiative, which aims to improve access to affordable student loans across Nigeria.

The recently enacted National Taxation Act (NTA 2025) establishes a 4 percent Development Levy on the taxable income of eligible companies. This excludes small-scale enterprises, foreign-based businesses, and revenues derived from hydrocarbon taxation.

NELFUND reaffirmed its dedication to launching comprehensive awareness campaigns nationwide. These efforts are intended to inform students, parents, and educational institutions about the process for applying for education loans under the revised policy structure. The Fund also shared a preview of its upcoming strategies:

“Investing in digital platforms and infrastructure to ensure transparent, efficient, and user-friendly loan application and disbursement processes.

“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 is left behind.”

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