In preparation for the January 1, 2026, rollout of the new Development Levy, the Nigerian Education Loan Fund (NELFUND) has urged greater backing and partnership with the National Assembly to guarantee that its 25 per cent share is secured and efficiently utilised.

The Fund emphasised that such collaboration is essential to ensure that the objectives of the levy are met and that resources are allocated towards improving access to affordable education for Nigerian students.

Managing Director of the Fund, Akintunde Sawyerr, noted that by working closely with lawmakers, the Fund aims to strengthen oversight, enhance transparency, and establish effective frameworks for deploying the allocated funds. This, he noted, would go a long way in addressing funding gaps in the education sector while easing the financial burden on families.

The Guardian reports that the recently approved National Taxation Act (NTA 2025) introduces 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 25per cent of the levy proceeds.

While stressing that the success of the levy’s implementation depends on coordinated efforts between government institutions, policymakers, and other stakeholders, Sawyerr called on the National Assembly to prioritise policies that would safeguard the timely disbursement and proper management of the 25 per cent allocation, ensuring that it directly benefits students and contributes to the broader goal of human capital development in Nigeria.

Sawyerr 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. Together, we can build a stronger, more inclusive system where no Nigerian student is denied the chance to learn because of financial constraints.”

He reaffirmed the agency’s unwavering commitment to accountability, transparency, and responsible fund management.