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FG Set To Implement Student Loan Scheme

FG Set To Implement Student Loan Scheme

The Federal Government on Monday said that it will fund the Students Loan Programme signed as ‘Access to Higher Education Law’ by the President in June last year, through education tax collectible by the Federal Inland Revenue Service (FIRS).

President Bola Tinubu in October 2023 announced that the loan scheme, which will commence January this year, will put an end to industrial actions in the country’s tertiary institutions and give Nigerian students opportunity to access funds at interest-free rates.

Chairman of the FIRS, Dr. Zach Adedeji while briefing State House Correspondents at the Presidential Villa, Abuja said, it is one of the schemes that his office will apply the education tax that his office will collect. He said it is a way of being accountable to the taxpayer.

According to Adedeji, the purpose of education tax was to consolidate and restore education integrity and quality.
He said it is in fulfillment of Mr. President’s promise that to make education accessible to all.

Speaking earlier, Executive Secretary of the Student Loan Board, Akintunde Sawyer explained that the programme will soon be launched to become operationalized.
He said the scheme is a great opportunity to help solve an age lobg problem in the country while assisting many people with great capacity and with the desire to improve their education.

Sawyer said the intervention will affect the lives of many Nigerian youth because that’s usually the bracket as well to further their education.
He said It will impact the lives of many Nigerian families because the onus to pay for education fall on parent.

Galaxy tv reports that the student loan bill was sponsored by Femi Gbajabiamila, immediate-past speaker of the House of Representatives who is now chief of staff to the President.
The legislation provides for the establishment of the Nigerian Education Loan Fund, which will have the power to administer, supervise, coordinate, and monitor the management of student loans in the country.

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