The Nigerian Government has announced that the financing for the Student Loan Scheme will be sourced from the Education Tax Fund under the Federal Inland Revenue Service (FIRS). This information was conveyed by FIRS Chairman, Zacch Adedeji, during a briefing on Monday at the Presidential Villa in Abuja, in collaboration with Dr. Akintunde Sawyerr, the Executive Secretary of the Board.
Adedeji explained that utilizing the Education Tax Fund in the scheme is a method employed by the government to ensure transparency and accountability to taxpayers in the country. In his statement, Sawyerr assured that the application process for the loan would be automated, eliminating human intervention. He emphasized the government’s commitment to preventing young Nigerians from being denied tertiary education due to financial constraints.
Sawyerr highlighted that the student loan initiative aims to empower Nigerians to pursue their chosen career paths without financial hindrance, reducing the need for individuals to engage in perilous journeys seeking better opportunities. He revealed that the loan disbursements would be directly transferred to the institutions of successful applicants. While the loan is open to all Nigerians, Sawyerr clarified that priority would be given to those in the greatest financial need.
Sawyerr expressed enthusiasm about the impending launch of the Nigerian Education Loan Fund, emphasizing its role in addressing longstanding issues related to funding tertiary education. Adedeji concluded by emphasizing that the Education Tax Fund, collected by the FIRS, aligns with the government’s commitment to make education accessible and enhance its quality. The funding mechanism is considered a way of being accountable to taxpayers, ensuring the integrity and quality of education in the country.
