The Federal Government has unveiled plans to finance the recently initiated Student Loan Scheme using education tax, in collaboration with the Federal Inland Revenue Service (FIRS).
FIRS Chairman Zacch Adedeji announced this during a briefing at the Presidential Villa, Abuja, alongside the Executive Secretary of the Student Loan Board, Dr. Akintunde Sawyerr.
Adedeji emphasized that incorporating the education tax fund into the scheme allows the government to be accountable to taxpayers. Sawyerr assured that the application process for the loan would be streamlined, eliminating human intervention, as all actions would be taken through a dedicated app.
The government’s objective is to ensure that young Nigerians have access to tertiary education without financial constraints. Sawyerr explained that implementing the loan scheme aims to empower Nigerians to pursue their chosen career paths without being forced to compromise due to a lack of funds.
Furthermore, Sawyerr highlighted that the loan facility could deter Nigerian youth from embarking on perilous journeys across the Sahel to Europe in search of better opportunities.
Sawyerr clarified that the school fees for successful loan applicants would be directly transferred to their respective institutions. While the loan is open to all Nigerians, the focus will be on supporting those with the greatest financial need.
He emphasized the significance of the initiative in preventing individuals from making difficult choices, such as undertaking dangerous journeys to Europe, simply because they couldn’t afford the education they desired. The Student Loan Scheme aims to bridge this gap, providing financial support and opportunities for the country’s youth.