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Education

Nigerian Education Loan Fund Seeks National Assembly's Support for Funding

Strategic Insights

— 1 min read

The Nigerian Education Loan Fund (NELFUND) has requested the collaboration of the National Assembly to ensure that the 25% allocation from the new Development Levy is fully realized and effectively deployed. This allocation is seen as a major step towards transforming Nigeria's education financing landscape. Managing Director Mr. Akintunde Sawyerr emphasized the importance of strong collaboration with the National Assembly in the appropriation process, sensitization, and working with the Federal Ministry of Finance and the Office of the Accountant-General to ensure efficient releases. The goal is to build a stronger, more inclusive education system where no Nigerian student is denied access due to financial constraints.

Key Takeaways:

  • NELFUND is seeking the National Assembly's support to fully realize the 25% allocation from the Development Levy, which is allocated to support education financing and access to education loans for Nigerian students.
  • The Development Levy is a four percent tax on assessable profits of taxable companies, excluding small and non-resident companies, as well as profits from hydrocarbon tax, under the recently approved National Taxation Act (NTA 2025).
  • 25% of the levy proceeds will go to NELFUND, representing a significant opportunity to expand education financing and support millions of Nigerian students.
  • NELFUND reaffirmed its commitment to accountability, transparency, and responsible fund management, ensuring that every allocated naira will be directed towards expanding access to education and strengthening Nigeria's human capital development.
  • NELFUND's Managing Director, Mr. Akintunde Sawyerr, emphasized the importance of collaboration with the National Assembly, the Federal Ministry of Finance, and the Office of the Accountant-General in ensuring efficient releases and appropriation.

Statistics:

  • 25% of the proceeds from the Development Levy will be allocated to NELFUND.
  • The four percent Development Levy applies to certain taxable companies in Nigeria, excluding small and non-resident companies, and profits from hydrocarbon tax.
  • The National Taxation Act (NTA 2025) is the legislation that introduced the Development Levy in Nigeria.

Sources:

  • [Mr. Akintunde Sawyerr's statement on Monday]
  • [National Taxation Act (NTA 2025)]
  • [The Nigerian Education Loan Fund (NELFUND)]

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