IN A BID TO ENSURE EFFECTIVE IMPLEMENTATION OF THE NEW DEVELOPMENT LEVY WHICH WILL TAKE EFECT BY JANUARY 1, THE NIGERIAN EDUCATION LOAN FUND, NELFUND, HAS CALLED FOR STRONGER COLLABORATION WITH THE NATIONAL ASSEMBLY.
UNDER THE RECENTLY APPROVED NATIONAL TAXATION ACT, NTA 2025, A 4 PERCENT DEVELOPMENT LEVY WILL BE IMPOSED ON THE PROFITS OF TAXABLE COMPANIES, FROM WHICH NELFUND WILL GET A 25 PERCENT CUT OF PROCEEDS.
A STATEMENT BY THE FUND’S MANAGING DIRECTOR, AKINTUNDE SAWYERR DESCRIBED THE MOVE AS AN OPPORTUNITY TO EXPAND STUDENT ACCESS TO LOANS.
SAWYERR HOWEVER STRESSED THAT SUCCESS OF THE INITIATIVE WOULD DEPEND ON TIMELY APPROPRIATION BY THE NATIONAL ASSEMBLY AS WELL AS EFFICIENT FUND RELEASES BY THE MINISTRY OF FINANCE AND THE OFFICE OF THE ACCOUNTANT-GENERAL OF THE FEDERATION.
