The Tinubu administration has clarified its position on the National Education Loan Fund (NELFUND) in response to growing misconceptions surrounding the proposed Tax Reform Bills. Contrary to speculations that the bills seek to eliminate key government agencies like NASENI, TETFUND, and NITDA, the government has emphasized that the reforms aim to streamline tax administration and ensure sustainable funding for critical sectors.
The reforms propose consolidating various earmarked taxes, including those funding agencies like TETFUND, into a single tax structure. The proceeds from this unified tax will be allocated to beneficiary agencies, including NELFUND, in a phased manner until 2030. This adjustment is designed to reduce the tax burden on businesses, which have long decried the complexities of multiple taxes stifling growth and competitiveness.
The government underscored that this shift in funding does not equate to scrapping agencies or diminishing their functions. Instead, the time frame up to 2030 provides agencies, including NELFUND, with the opportunity to explore additional funding sources alongside constitutional budgetary allocations.
The reforms align with President Tinubu’s commitment to creating a conducive environment for businesses while maintaining strategic funding for education and innovation, which NELFUND supports. Public hearings are being encouraged to ensure all stakeholders, including civil society groups and education advocates, have an opportunity to contribute to shaping the reforms.
The government reassures the public that the reforms are designed to enhance the quality of life for Nigerians and support initiatives like NELFUND, which are pivotal in advancing access to education and economic opportunities.
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