Yesterday, the Federal Government disclosed that, in partnership with the Federal Inland Revenue Service (FIRS), education taxes will be used to fund the Student Loan Scheme that it recently launched.
At the Presidential Villa in Abuja, Dr. Akintunde Sawyerr, the Executive Secretary of the Student Loan Board, and Zacchaeus Adedeji, the Chairman of the FIRS, informed reporters.
He said the introduction of the education tax fund into the scheme is one way the government could be accountable to taxpayers.
Sawyerr promised that the loan application process would be entirely automated, with all actions conducted through an app created especially for that reason.
He asserts that the government is committed to making sure that young Nigerians do not miss out on tertiary education due to a lack of funding for their studies.
He explained that the implementation of the loan scheme would enable Nigerians to pick a career trajectory of their choice rather than being forced to do something else because they are unable to acquire requisite education due to lack of funds.
Sawyerr declared that the facility would also stop young people from Nigeria from making the perilous journey across the Sahel to Europe in pursuit of a better life.
The executive secretary revealed that the successful applicants’ school fees would be sent straight to their respective schools, adding that although all Nigerians are eligible to apply for the loan, only those in most need would receive funding.
He clarified that people frequently have to make tough decisions and sometimes are forced to travel to places they truly do not want to go, such as crossing the dangerous Sahel to reach Europe since they were not able to receive the education they had hoped for.
Sawyerr continued, “So, you know, we are setting this up to help us and help our society bridge that gap.”