The Federal Government has revealed that the Education Tax under the Federal Inland Revenue Service (FIRS) will be leveraged as a funding mechanism for the newly established Student Loan Scheme. Dr. Zacch Adedeji, the Chairman of FIRS, underscored the importance of the education tax fund as a key funding source for the program during a briefing with President Bola Tinubu at the Aso Rock Villa.
Adedeji emphasized that utilizing the education tax for the scheme is a clear demonstration of the administration’s commitment to accountability to Nigerian taxpayers and its promise to make education accessible to all.
Detailed conditions for eligibility in the loan application process have been outlined, with a strong emphasis on a fully automated system to minimize human involvement in both application and loan processing.
Dr. Akintunde Sawyerr, the Executive Secretary of the Student Loan Board, provided insights into the imminent launch of the scheme. He highlighted the government’s dedication to utilizing the education tax collected for the betterment of the education sector.
“In fulfillment of Mr. President’s promise that we will make education accessible to all, this is one of the schemes where we will be applying the education tax that we collect. It is a way of being accountable to the taxpayers because the essence of education tax is to consolidate and restore education integrity and quality. In fulfilling that part of the Act, the education tax fund is one of the sources of funding that we will use to execute this programme,” he stated.