The Federal Government has announced that the Education Tax under the Federal Inland Revenue Service will be utilized as a funding source for the recently established Student Loan Scheme.
The Chairman of the FIRS, Dr. Zacch Adedeji, highlighted the significance of the education tax fund as one of the funding sources for the program during a briefing with President Bola Tinubu at the Aso Rock Villa.
He said, “That is why the education tax fund is one of the sources of funding that we will use to execute this programme,”
He emphasized that channeling the education tax into the scheme is a demonstration of the administration’s commitment to being accountable to Nigerian taxpayers and fulfilling the promise of making education accessible to all.
The conditions for qualifying for the loan have also been detailed, with an emphasis on a fully automated process to ensure minimal human involvement in the application and processing of the loans.
Also the Executive Secretary of the Student Loan Board,Dr. Akintunde Sawyerr also spoke on the impending launch of the scheme, emphasizing the government’s dedication to utilizing the education tax collected for the benefit of the education sector.
“This is 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, education tax fund is one of the sources of funding that we will use to execute this programme,” he said.
