FG to Fund Student Loan Scheme Through Education Tax
Sawyerr stressed the importance of the education tax fund in ensuring accountability to taxpayers and consolidating education quality. He highlighted the scheme's goal to bridge the gap between the desire for further education and financial constraints.
AKACHI NOEL 
The Federal Government announced on Monday that the recently established Student Loan Scheme would be funded in part by the Education Tax under the Federal Inland Revenue Service. Dr. Zacch Adedeji, FIRS Chairman, stated that the program would be fully automated, ensuring minimal human involvement in the loan application and processing.
Speaking after briefing President Bola Tinubu at the Aso Rock Villa, Adedeji emphasized the administration's commitment to making education accessible to all. He noted that the education tax fund would be utilized to fulfill this promise and enhance education integrity and quality.
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The Executive Secretary of the Student Loan Board, Dr. Akintunde Sawyerr, outlined the application process, emphasizing the use of technology to eliminate human interference. Eligible applicants will submit their requests through a dedicated loan app or website, providing essential information such as JAMB registration number, Date of Birth, National Identification Number, and Biometric Verification Number.
Sawyerr stressed the importance of the education tax fund in ensuring accountability to taxpayers and consolidating education quality. He highlighted the scheme's goal to bridge the gap between the desire for further education and financial constraints.
The program aims to empower Nigerian students, allowing them to choose their career paths without financial limitations. Sawyerr revealed that successful applicants' school fees would be transferred directly to their institutions.
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President Tinubu had signed the Student Loan Bill into law on June 12, 2023, as part of the administration's commitment to liberalizing education funding. The law enables indigent students to access interest-free loans. The program is expected to commence in January 2024.
The scheme seeks to intervene and support families, particularly those in need, and provide opportunities for students in academic and technical fields, including teacher training programs and vocational skills.
