Get Guardian on GoogleIn 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.
It stressed that such collaboration is crucial to ensure that the objectives of the levy are met and resources are channelled towards improving access to affordable education by students.
NELFUND’s Managing Director, Akintunde Sawyerr, said by working closely with the lawmakers, the Fund hopes to strengthen oversight, improve transparency, and create effective frameworks for deploying the allocated funds. This, he noted, would address 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 4per 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 25 per cent of the levy proceeds.
While stressing that the success of the levy’s implementation depends on coordinated efforts among 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 the country.
He reaffirmed the agency’s unwavering commitment to accountability, transparency, and responsible fund management.
