The Federal Government on Monday said that the Student Loan Scheme recently initiated by President Bola Tinubu’s administration will be funded through the Education Tax under the Federal Inland Revenue Service, FIRS.
Chairman of FIRS, Zacch Adedeji disclosed this while briefing State House correspondents at the Presidential Villa, Abuja.
Adedeji, who was flanked by the Executive Secretary of the Board, Dr. Akintunde Sawyer, said the deployment of the education tax fund into the scheme is one way the government can be accountable to taxpayers in the country.
He said that there will be zero human interference as the applicants will access the loan scheme through an application that will require their national identity card and their Bank Verification Number, BVN.
In his remarks, Sawyerr also assured that the process for applying for the loan would be devoid of human intervention as every action would be taken on an App specifically designed for the purpose.
He explained that the government was keen to ensure that young Nigerians do not fail to acquire tertiary education just because of lack of funds to continue their studies.
According to him, the implementation of the student loan scheme would enable Nigerians to pick a career trajectory of their choice rather than being forced to do something else because they were unable to acquire the requisite education due to lack of funds
Sawyer also affirmed that the loan would help to stem the dangerous journey undertaken by Nigerian youth across the Sahel to Europe in search of a better life.
The Executive Secretary disclosed that the school fees for successful applicants would be transferred directly to their institutions, noting that while every Nigerian was eligible to apply for the loan, only the neediest would be supported.
