According to an announcement made by Zacch Adedeji, the Chairman of FIRS, the Education Tax Fund, supervised by the Federal Inland Revenue Service (FIRS), will be the main source of funding for the Student Loan Scheme. Adedeji disclosed this information during a briefing at the Presidential Villa in Abuja along with Dr. Akintunde Sawyerr, the Executive Secretary of the Board. Adedeji suggests that utilizing the Education Tax Fund in this initiative is a means for the government to demonstrate accountability to taxpayers nationwide. Sawyerr said that the loan application process will be completely automated, ensuring that there is no human involvement and every step will be carried out through a specially designed App.
He elaborated on the government’s determination to prevent young Nigerians from missing out on tertiary education due to insufficient financial means for their academic pursuits. He stated that the introduction of the student loan program in Nigeria would empower individuals to pursue their desired career paths, eliminating the need for them to settle for alternative options due to financial constraints hindering their education. Additionally, Sawyer emphasized that this loan would act as a deterrent against the risky expeditions undertaken by Nigerian youths through the Sahel region as they strive to reach Europe in pursuit of a brighter future.
Only Nigerian citizens will be allowed to submit their loan applications.
All Nigerian citizens have the opportunity to submit their loan applications, but only those who are truly experiencing hardship will receive assistance. He expressed delight in addressing the audience and provided an update regarding the imminent introduction of the Nigerian Education Loan Fund. This significant development will bring the student loan program in Nigeria. This presents a golden chance to address a longstanding issue that has plagued the nation for an extensive period. Numerous individuals possess immense potential and are eager to enhance their education. Unfortunately, the fall often arises when they enter the space of higher education.
At that point, they are faced with various alternatives, embarking on the journey of employment with qualifications that may not perfectly suit their needs or exploring avenues to secure financial support for their higher education. The conventional perception of university education is academic. However, this initiative aims to create avenues for Nigerian students who aspire to pursue either the academic path leading to a university degree or the technical path leading to vocational skills and qualifications. Both pathways hold immense value in society, including the area of teacher training. He elaborated on the significance of teachers in society. This presents an excellent chance for the candidate.
Candidates with valid NIN and JAMB will be eligible for the application.
Their primary objective is to ensure that financial constraints do not hinder one’s pursuit of higher education. This legislation aims to eliminate the barrier between the aspiration to study and the ability to pursue further education. He emphasized that careful consideration was put into this process. Consequently, there will be no involvement of human beings when it comes to both submitting an application and applying for a loan. Simply put, the applicant will be directed to a portal where they can interact with the application. To qualify, individuals must input specific information like their Joint Admissions and Matriculation Board (JAMB) number and establish a connection with their date of birth. Supplementary details, such as their national identity number (NIN), confirm their Nigerian citizenship.
Only those with valid NINs are eligible for the verification and qualification process, as it is exclusively designed for Nigerians. Financial inclusion requires the knowledge of their BVN to empower students. By obtaining the details of their accounts, they can gain access. Additionally, They have to know their admission details to establish which institution they are going to. These particulars serve as a significant indicator of approved applications. It’s a benefit for the institution; many students and their parents face difficulties in affording their fees, resulting in an alarming rate of students dropping out. The program will provide support to individuals until they achieve their qualifications or graduate.
Related Article: Is Nigeria ready for student loan program?
Lastly, He elaborated on the fact that this represents the attainment of the President’s commitment to ensure that education is within reach for everyone. Although he needs to allocate his own resources due to the funding source, this initiative falls under the programs where they will implement an Education Tax that they will collect. This method serves to demonstrate their responsibility towards taxpayers and ultimately aims to strengthen and revive the credibility and excellence of education. Moreover, the Education Tax Fund is one of the financial channels to implement the program, as the Act requires.