NELFUND Seeks 25% Allocation to Boost Education in Nigeria: The Nigerian Education Loan Fund (NELFUND) has called on the National Assembly to support its 25% allocation from the new development levy. This support will help NELFUND expand affordable education loans and transform access to education across Nigeria.
From January 1, 2026, the new National Taxation Act will introduce a 4% development levy on the profits of taxable companies. Small businesses, non-resident companies, and profits from hydrocarbon tax will not be affected.
Under this Act, NELFUND will receive 25% of the levy proceeds. This allocation provides a huge opportunity to fund education and help millions of Nigerian students achieve their academic goals.
NELFUND Plans for Education Financing
Speaking on the development, Mr. Akintunde Sawyer, the Managing Director of NELFUND, explained that timely funding, efficient disbursement, and public awareness are key to success.
NELFUND’s future plans include:
Nationwide sensitisation campaigns to educate students, parents, and schools on how to apply for education loans.
Digital platforms and infrastructure to make loan applications faster, transparent, and easy to use.
Partnerships with universities and colleges to simplify loan management and repayment.
Targeted outreach to underserved regions and vulnerable groups, ensuring no eligible student is left behind.
Why National Assembly’s Support Matters
According to Mr. Sawyer, the 25% allocation marks a turning point for Nigeria’s education system. With it, NELFUND can reach more students, strengthen its operations, and deliver on its mission.
However, he stressed that this success depends on strong collaboration with the National Assembly during appropriation and sensitisation. He also highlighted the need to work closely with the Ministry of Finance and the Office of the Accountant-General to guarantee timely fund releases.
Commitment to Transparency
NELFUND assured stakeholders of its full commitment to accountability, transparency, and responsible management of funds. Every allocation, according to the Fund, will be directed towards improving access to education and building Nigeria’s human capital development.
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