The Federal Government announced on Monday that the recently established Student Loan Scheme would be funded in part by the Education Tax under the Federal Inland Revenue Service (FIRS).
The FIRS Chairman, Dr. Zacch Adedeji, emphasized the government’s commitment to accountability and fulfilling President Bola Tinubu’s promise of making education accessible to all.
Adedeji stated that the education tax fund collected by the FIRS would contribute to executing the Student Loan Scheme.
He underscored the importance of being accountable to Nigerian taxpayers and highlighted the government’s dedication to consolidating and restoring education integrity and quality.
The Executive Secretary of the Student Loan Board, Dr. Akintunde Sawyerr, provided details on the conditions and application process for the loan.
Eligible applicants will engage with a fully automated system, ensuring zero human involvement in the application and processing of loans.
Sawyerr outlined the application process, emphasizing the use of the loan app or website. Prospective candidates must provide information such as their JAMB registration number, date of birth, National Identification Number (NIN), Biometric Verification Number (BVN), matric number, and admission number.
The Executive Secretary described the loan as a bridge linking the desire for further education and the funds to pursue it.
He stressed the government’s commitment to ensuring that young Nigerians do not miss out on tertiary education due to financial constraints.
Sawyerr highlighted the scheme’s goal of bridging the gap created by a lack of finance, allowing individuals to choose their desired career paths without financial barriers.
He emphasized the scheme’s potential to offer opportunities for teacher training programs, vocational skills, and support for families in need.
The Executive Secretary disclosed that successful applicants’ school fees would be transferred directly to their institutions.
He further explained that the scheme aimed to intervene and support Nigerian youths, potentially reducing the dangerous journeys undertaken by some in search of better opportunities.
President Bola Tinubu signed the Student Loan Bill into law on June 12, 2023, fulfilling a campaign promise to liberalize education funding.
The law enables indigent students to access interest-free loans, and the scheme is set to commence in January 2024, as promised by the President.
