Over 3,600 students receive delayed allowances as NELFUND resolves banking issues
The Nigerian Education Loan Fund (NELFUND) has appealed to lawmakers for stronger collaboration in ensuring the full implementation of its 25 percent allocation from the newly approved development levy.
The fund is expected to transform access to affordable student loans across Nigeria.
The levy, introduced under the National Taxation Act, imposes a 4 percent charge on the assessable profits of taxable companies, excluding small businesses, non-resident companies, and hydrocarbon profits.
With effect from January 1, 2026, NELFUND is projected to receive 25 percent of the levy proceeds, representing a significant boost to education financing.
Managing Director and Chief Executive Officer of NELFUND, Akintunde Sawyer, stressed the need for legislative support to guarantee timely appropriation, efficient releases, and nationwide sensitisation campaigns.
“The 25 percent 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,” Sawyer said.
According to him, NELFUND is already developing strategies to ensure effective use of the funds. These include:
- Expanding nationwide sensitisation campaigns to educate students, families, and institutions about how to access the loaNELFUND Resumes Student Allowance Disbursementns.
- Investing in digital platforms and infrastructure for transparent and user-friendly loan application and disbursement.
- Strengthening partnerships with tertiary institutions to streamline administration and repayment systems.
- Deepening inclusivity and outreach, especially targeting underserved regions and vulnerable groups.
Sawyer noted that without adequate collaboration with the National Assembly, the transformative potential of the allocation could be undermined, leaving millions of Nigerian students without access to affordable loans.
The push highlights a critical issue in Nigeria’s education sector: financing barriers that keep many young people from pursuing higher education. Analysts say proper implementation of the levy could help bridge the gap, though questions remain on transparency, sustainability, and accountability.
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