The Federal Government said on Monday that the Education Tax under the Federal Inland Revenue Service, or FIRS, will be used to pay the Student Loan Scheme, which was recently launched by President Bola Tinubu’s government.
This was revealed by FIRS Chairman Zacch Adedeji to State House journalists during a briefing at the Presidential Villa in Abuja.
Adedeji asserted that integrating the education tax revenue into the programme is one method the national government can answer to its constituents, accompanied by Dr. Akintunde Sawyer, the Executive Secretary of the Board.
According to him, there won’t be any human intervention because applicants will access the loan programme by submitting an application that needs their Bank Verification Number, or BVN, and their national identity card.
In his statements, Sawyerr also guaranteed that there would be no human involvement in the loan application process because all actions would be conducted through an app created especially for that reason.
He said that the introduction of the student loan programme will free up Nigerians to choose the professional path they choose, instead of forcing them to pursue something different because they couldn’t afford to get the necessary education.
The Executive Secretary said that the successful applicants’ school fees would be sent straight to their respective schools, adding that although all Nigerians were entitled to apply for the loan, only the most in need would get funding.
cc: Vanguard Ng
