Nigerian Government to Fund Student Loan Scheme through Education Tax Fund
The Nigerian government has announced plans to finance the Student Loan Scheme using the Education Tax Fund managed by the Federal Inland Revenue Service (FIRS). This initiative aims to ensure greater access to tertiary education for young Nigerians by providing financial support through the Education Tax Fund.
Zacch Adedeji, Chairman of FIRS, disclosed this during a briefing with State House Correspondents at the Presidential Villa in Abuja. He emphasized that utilizing the Education Tax Fund for the student loan scheme is a demonstration of the government’s commitment to being accountable to taxpayers.
Adedeji highlighted that the deployment of the Education Tax Fund in the scheme is part of the government’s efforts to address the financial barriers that hinder young Nigerians from pursuing higher education. The scheme aims to empower individuals to choose their desired career paths without financial constraints.
Dr. Akintunde Sawyerr, Executive Secretary of the Board, also spoke at the briefing, emphasizing that the loan application process would be streamlined and free from human intervention. He outlined that an application portal and app specifically designed for this purpose would facilitate the process.
Sawyerr emphasized the government’s goal of ensuring that lack of funds does not prevent young Nigerians from pursuing tertiary education. He stated that the scheme would provide opportunities for students to pursue academic or vocational paths, including teacher training, without financial constraints.
The Executive Secretary also highlighted the broader societal impact of the scheme, noting that it could help reduce the need for young Nigerians to embark on perilous journeys across the Sahel to Europe in search of better opportunities.
In terms of the loan disbursement process, Sawyerr explained that successful applicants’ school fees would be directly transferred to their institutions. While the loan is open to all Nigerians, priority will be given to those in the greatest financial need.
Adedeji emphasized that the initiative aligns with President Buhari’s commitment to making education accessible to all Nigerians. He reiterated that the Education Tax Fund serves as a vital source of funding for the scheme, reflecting the government’s accountability to taxpayers.
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