Education

Federal Student Loan Requirements for Nigerian Students at Universities, Polytechnics, and Colleges Unveiled

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Federal Student Loan Requirements for Nigerian Students at Universities, Polytechnics, and Colleges Unveiled

In a groundbreaking development, the Federal Government has revealed the stringent conditions aspiring Nigerian students must meet to qualify for the eagerly awaited Student Loan Scheme, set to launch in January 2024. The announcement, made on Monday, sheds light on the government’s commitment to utilizing the Education Tax under the Federal Inland Revenue Service (FIRS) as a key funding source for the initiative.

Addressing State House Correspondents after briefing President Bola Tinubu, FIRS Chairman, Dr. Zacch Adedeji, emphasized the fully automated nature of the scheme, ensuring a streamlined and efficient process with zero human involvement in the application and loan processing. Adedeji stated, “That is why the education tax fund is one of the sources of funding that we will use to execute this programme.”

Minister of State for Education, Dr. Yusuf Sununu, affirmed that the scheme is on track for its scheduled January 2024 launch, in alignment with the President’s promise made in October of the previous year.

“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,” remarked Adedeji, highlighting the government’s accountability to Nigerian taxpayers.

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The Executive Secretary of the Student Loan Board, Dr. Akintunde Sawyerr, revealed a crucial detail about the disbursement process, stating that the school fees for successful applicants will be transferred directly to their respective institutions.

The Student Loan Bill, signed into law by President Bola Tinubu on June 12, 2023, aims to fulfill a campaign promise to liberalize education funding. The law enables financially challenged students to access interest-free loans, marking a significant stride towards providing equal educational opportunities.

With the impending launch of the Student Loan Programme, President Tinubu declared during the opening of the 29th session of the annual Nigeria Economic Summit in Abuja on October 23, 2023, “By January 2024, the new Students Loan Programme must commence. To the future of our children and students, we’re saying no more strikes!”

As the nation anticipates the transformative impact of this initiative, the unveiling of the Federal Student Loan Requirements signals a pivotal step in realizing accessible and affordable education for Nigerian students pursuing higher education at universities, polytechnics, and colleges.

Related: How To Successfully Apply for the Federal Student Loan Scheme Using the New User-Friendly App

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