The Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, announced on Monday that the Nigerian government plans to finance the Student Loan Scheme through the Education Tax Fund.
Adedeji, along with the Executive Secretary of the Board, Dr. Akintunde Sawyerr, disclosed this information during a briefing at the Presidential Villa in Abuja.
The deployment of the Education Tax Fund in the scheme aims to enhance government accountability to taxpayers, according to Adedeji. Sawyerr emphasized that the loan application process would involve an App designed specifically for this purpose, ensuring a streamlined and intervention-free experience for applicants.
The government’s primary objective is to enable young Nigerians to pursue tertiary education without financial constraints, preventing them from being forced to abandon their studies due to lack of funds.
Sawyerr highlighted the importance of the student loan scheme in helping individuals choose their desired career paths and avoiding perilous journeys undertaken by Nigerian youths seeking education opportunities abroad.
Sawyerr further revealed that the loan disbursements would be directed straight to the institutions of successful applicants, easing the financial burden on both students and their parents.
While every Nigerian is eligible to apply for the loan, priority will be given to the most financially needy individuals.
Adedeji concluded by stating that the implementation of the student loan scheme aligns with the government’s commitment to making education accessible to all, utilizing the Education Tax Fund as a means to uphold education integrity and quality.