The Nigerian Education Loan Fund (NELFUND) has called for stronger collaboration with the National Assembly to ensure the effective implementation of the newly approved Development Levy, which is set to take effect from January 1, 2026.

The levy, introduced under the National Taxation Act (NTA 2025), imposes a 4 percent charge on the profits of taxable companies, excluding small and non-resident firms as well as hydrocarbon-related profits.

NELFUND is allocated 25 percent of the levy proceeds, a move expected to significantly boost education financing and expand access to student loans nationwide.

Speaking in Abuja on Monday, the Managing Director/Chief Executive of NELFUND, Akintunde Sawyerr, described the allocation as a "pivotal step" in transforming Nigeria's education landscape.

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"It gives us the capacity to reach more students, strengthen our systems, and deliver on our mandate more effectively.

"However, for this opportunity to translate into real impact, we need strong collaboration with the National Assembly in the appropriation process and in nationwide sensitisation," he said.

Sawyerr also stressed the need for efficient fund releases from the Ministry of Finance and the Office of the Accountant-General of the Federation.

NELFUND outlined plans to expand sensitisation campaigns, invest in digital infrastructure, and deepen outreach to underserved communities.

The Fund reaffirmed its commitment to transparency and responsible fund management, assuring stakeholders that every naira will be directed toward broadening access to education and strengthening human capital development.

"This is about building a stronger, more inclusive system where no Nigerian student is denied the chance to learn because of financial constraints," Sawyerr added.