The Nigerian Education Loan Fund has asked the National Assembly to support the full and timely release of its 25 per cent share from the new development levy.
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The levy, created under the National Taxation Act 2025, imposes a 4 per cent charge on the profits of taxable companies, excluding small firms, non-resident companies, and those paying hydrocarbon tax. It takes effect from January 1, 2026, with NELFund entitled to a quarter of the proceeds.
LIST OF APPLICATIONS FOR REGULARISATION OF AREA COUNCIL LAND DOCUMENTS NULLIFIED/CANCELLED BY THE HONOURABLE MINISTER OF FCT
Managing Director Akintunde Sawyerr said the allocation would transform education financing by allowing the agency to reach more students and strengthen its systems. But he stressed that the impact depends on swift appropriation by lawmakers and efficient disbursement by the Ministry of Finance and the Office of the Accountant-General.
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LIST OF APPLICATIONS FOR REGULARISATION OF AREA COUNCIL LAND DOCUMENTS NULLIFIED/CANCELLED BY THE HONOURABLE MINISTER OF FCT
Sawyerr also called for collaboration with the legislature on nationwide sensitisation, saying students, families, and institutions must be aware of the opportunities the levy will create.
NELFund said it plans to expand awareness campaigns, invest in digital platforms for transparent loan applications, and partner with tertiary institutions to reach underserved regions.
The agency reaffirmed its commitment to accountability and transparency, assuring stakeholders that the funds will be used strictly to widen access to education and build Nigeria’s human capital.
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