The Nigerian government has declared that the Education Tax Fund will be used to finance the Student Loan Scheme, according to the Federal Inland Revenue Service (FIRS).
At the Presidential Villa in Abuja on Monday, FIRS Chairman Zacch Adedeji and Executive Secretary of the Board Dr. Akintunde Sawyerr briefed State House Correspondents on this.
Adedeji believes that implementing the Education Tax Fund program is one way for the government to respond to the nation’s taxpayers.
During his speech, Sawyerr ensured that the loan application process would be conducted entirely through an app created especially for it, meaning that no human involvement would be necessary.
He clarified that the government was concerned about making sure that young Nigerians did not miss out on a post-secondary education due to a lack of funding.
He stated that the introduction of the student loan program would allow Nigerians to choose their career path instead of being compelled to pursue another because they were unable to obtain the necessary education because of financial constraints.
In addition, Sawyer confirmed that the loan would contribute to halting the perilous treks that young Nigerians make to Europe via the Sahel in quest of a better future.
He added that while all Nigerians were eligible to apply for the loan, only the most indigent would receive support and that the successful applicants’ school fees would be sent straight to their institutions.
Sawyerr said, “It’s a pleasure to be here today to brief you on the Nigerian Education Loan Fund’s upcoming launch, which is the cornerstone that will operationalize Nigeria’s student loan program.
This is an amazing chance to contribute to the resolution of a long-standing issue that has been plaguing our beloved country for a while.
He continued by saying that many people have a great deal of potential and desire to further their education. And usually, that breaks down when they get to the tertiary base.
At that point, they have two options: either they figure out how to pay for that additional space, or they get into the workforce with credentials that might not be the best fit for them.
“I want you to know that a lot of thought went into this,” he said. Thus, there is no human involvement in the application process or in applying for this loan.
Put another way, the candidates will interact with the application through a portal.
Adedeji stressed the value of universal access to education and announced that money would be gathered through the Education Tax Fund to stabilize and improve the standard and integrity of education.
The president’s pledge to ensure that education is available to all has been realized with this.
