The Nigerian government has unveiled plans to finance the Student Loan Scheme through the Education Tax Fund under the Federal Inland Revenue Service (FIRS).
Zacch Adedeji, FIRS Chairman, disclosed this during a press briefing at the Presidential Villa in Abuja on Monday, accompanied by Dr. Akintunde Sawyerr, the Executive Secretary of the Board.
Adedeji emphasized that using the Education Tax Fund for the Student Loan Scheme is a strategic move to ensure accountability to taxpayers. He assured that the loan application process would be technology-driven, minimizing human intervention.
Dailypost reported he highlighted the significance of the program in addressing the financial barriers preventing many young Nigerians from pursuing tertiary education.
To apply for the loan, students will use a dedicated app, providing information such as their JAMB number, date of birth, National Identity Number (NIN), and Bank Verification Number (BVN). The loan scheme aims to support students pursuing both academic and vocational courses, as well as teacher training programs.
“It will also have their matric number, admission number so that we can firmly establishment which institution they are going because one of the key elements of this is that once we’ve received applications and those applications are approved, the fees or the tuition requirements in terms of financials will be transferred directly to the institution.
“That in itself has benefits for the institution. Many many students are struggling to pay their fees, their parents are struggling to pay their fees. There’s a very high dropout rate. So it’s one thing to get into the tertiary institution. It’s another thing to stay there for four years or for three years. This scheme seeks to help people access and remain until they qualify or graduate.”