The Federal Government has set out the conditions for applicants seeking student loans.
The Education Tax under the Federal Inland Revenue Service will be utilized as one of the sources of funding for the newly established Student Loan Scheme, as announced by the government.
The scheme aims to be fully automated, eliminating any human involvement in the application and processing of loans.
Dr Zacch Adedeji, the Chairman of FIRS, emphasized that the education tax fund will be utilized to execute the program, further demonstrating accountability to Nigerian taxpayers.
Additionally, the Minister of State for Education, Dr Yusuf Sununu, confirmed that the scheme is on track for a January 2024 launch.
Dr Akintunde Sawyerr, the Executive Secretary of the Student Loan Board, disclosed that applicants will need to provide various details such as their JAMB registration number, date of birth, National Identification Number, and Biometric Verification Number. Eligible candidates can apply through the designated loan app or website, with the process being entirely devoid of human intervention.
The loan program aims to ensure that financial constraints do not hinder Nigerian students from pursuing tertiary education, acting as a bridge to fulfill their educational aspirations. It provides opportunities for enrollment in teacher training programs and vocational skills, thereby supporting the career ambitions of young Nigerians.
President Bola Tinubu signed the Student Loan Bill into law on June 12, 2023, reflecting the government’s commitment to liberalizing education funding. The law enables underprivileged students to access interest-free loans. President Tinubu also expressed his firm stance on commencing the new Students Loan Programme by January 2024, emphasizing the importance of uninterrupted education for Nigerian students.
Ugochi Olivia Ubah is an Educator and a Writer
