FIRS Chief: FG Will Use Education Taxes To Fund The Student Loan Program.

The Federal Government announced on Monday that the Education Tax under the Federal Inland Revenue Service, or FIRS, will be used to fund the Student Loan Scheme, which was recently launched by President Bola Tinubu’s administration.

This was revealed by FIRS Chairman Zacch Adedeji to State House correspondents during a briefing at the Presidential Villa in Abuja.

Adedeji, who was flanked by the Executive Secretary of the Board, Dr. Akintunde Sawyer, said the deployment of the education tax fund into the scheme is one way the government can be accountable to taxpayers in the country.

He said that there will be zero human interference as the applicants will access the loan scheme through an application that will require their national identity card and their Bank Verification Number, BVN.

In his remarks, Sawyerr also 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.

He explained that the government was keen to ensure that young Nigerians do not fail to acquire tertiary education just because of lack of funds to continue their studies.

According to him, the implementation of the student loan scheme would enable Nigerians to pick a career trajectory of their choice rather than being forced to do something else because they were unable to acquire the requisite education due to lack of funds

Sawyer also affirmed that the loan would help to stem the dangerous journey undertaken by Nigerian youth across the Sahel to Europe in search of a better life.

All Nigerians were eligible to apply for the loan, but only those in the greatest need would receive funding, the Executive Secretary revealed, adding that the successful applicants’ school fees would be sent straight to their institutions.

Credit: Vanguard