The Nigerian Government has announced that the funding for the Student Loan Scheme will be sourced from the Education Tax Fund under the Federal Inland Revenue Service.
This revelation was made by FIRS Chairman, Zacch Adedeji, during a briefing on Monday at the Presidential Villa in Abuja, accompanied by Dr. Akintunde Sawyerr, the Executive Secretary of the Board.
Adedeji emphasized that utilizing the Education Tax Fund for the scheme aligns with the government’s commitment to transparency and accountability to taxpayers.
He stated, “This is one of the schemes that we will apply Education Tax that we will collect. So, this is a way of being accountable to the taxpayer because the essence of Education Tax is to consolidate and restore education integrity and quality.”
Sawyerr, echoing this sentiment, assured that the loan application process would be automated, devoid of human intervention.
He highlighted the government’s dedication to ensuring that financial constraints do not hinder young Nigerians from pursuing tertiary education. Sawyer explained that the scheme aims to offer opportunities for both academic and vocational education, addressing the challenges faced by students when entering the tertiary level.
He emphasized the significance of the loan scheme in bridging the gap created by financial constraints, stating, “This law seeks to bridge the gap between the desire to study and the capacity to go further. It seeks to bridge that gap that is created by lack of finance, lack of funding.”
Sawyerr further outlined the application process, emphasizing the necessity of information such as JAMB number, national identity number , and BVN for financial inclusion. He stressed that the loan funds would be directly transferred to institutions, benefitting students struggling with fees and reducing dropout rates.
In conclusion, Adedeji affirmed that the student loan scheme aligns with President Buhari’s commitment to making education accessible to all, utilizing the Education Tax Fund as a means of fulfilling this promise.
“This is in fulfillment of Mr President’s promise that we will make education accessible to all. And while I have to put my own is because of the source of funding. This is one of the schemes that we will apply Education Tax that we will collect. So, this is a way of being accountable to the taxpayer because the essence of Education Tax is to consolidate and restore education integrity and quality.
“And in fulfilling that part of the Act, so, that is why Education Tax Fund is one of the sources of funding, by God’s grace, that we’ll use actually to execute this laudable programme,” he said
