FG to fund student loan scheme from education tax

TFederal Government, yesterday, revealed that the Student Loan Scheme it recently initiated would be funded from education tax in collaboration with the Federal Inland Revenue Service ( FIRS).

FIRS Chairman, Zacch Adedeji, spoke while briefing newsmen along with Executive Secretary of the Student Loan Board, Dr Akintunde Sawyerr, at the Presidential Villa, Abuja.

He said the introduction of the education tax fund into the scheme is one way the government could be accountable to taxpayers.

Sawyerr assured that the process for applying for the loan would be devoid of human intervention, as every action would be taken on an app specifically designed for the purpose.

According to him, the government is keen at ensuring that young Nigerians do not fail to acquire tertiary education on account of lack of funds to pursue 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 affirmed that the facility would also stem the dangerous journey undertaken by Nigerian youth across the Sahel to Europe in search of better life.

The executive secretary disclosed that the school fees for successful applicants would be transferred directly to their institutions, noting that while every Nigerian is eligible to apply for the loan, only the neediest would be supported.

He explained that there are many difficult choices people make, with many sometimes having to go and do things they really do not want to do, including crossing the dangerous Sahel to get themselves to Europe because they have not been able to get the education they wanted.