On Monday, the Federal Government announced that the Education Tax managed by the Federal Inland Revenue Service will contribute to funding the newly instituted Student Loan Scheme.
The government outlined the eligibility criteria for loan applicants and emphasized that the scheme will operate with full automation to eliminate human intervention in the application and loan processing.
“That is why the education tax fund is one of the sources of funding that we will use to execute this programme,” said FIRS Chairman, Dr Zacch Adedeji, when he addressed State House Correspondents after briefing President Bola Tinubu on the impending launch of the scheme at the Aso Rock Villa on Monday.
During his inaugural public briefing on the programme, Dr Akintunde Sawyerr, the Executive Secretary of the Scheme, emphasized that eligible applicants should submit their requests through the loan app or website, ensuring the absence of human intervention in the scheme. He outlined the application process, specifying that potential candidates must provide details such as their JAMB registration number, date of birth, National Identification Number, and Biometric Verification Number.
“The applicant will go on to a portal, or they will engage with the app. They will have to put in certain pieces of information that make them eligible, such as their JAMB number and, of course, the tie-in to their date of birth.
“Further pieces of information include their NIN, which confirms that they are Nigerians. This loan scheme is being paid for by Nigerian taxpayers. So, it’s for Nigerians and the NIN helps verify and qualify them as such.
“Their BVN is for financial inclusion because this scheme in itself will, at some point, be able to empower students, so we need to know they have bank accounts. We need to know where their accounts are to be able to access those accounts.
“It will also have their matric number and admission number so that we can firmly establish which institution they are going to because one of the key elements of this is that once we have received applications and those applications are approved, the fees or the tuition requirements in terms of financials will be transferred directly to the institution. That in itself has benefits for the institution,” The Executive Secretary explained.
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