How Nigerian Students can apply for Students loan,as FG lists conditions

The Federal Government, on Monday, said the Education Tax under the Federal Inland Revenue Service would serve as one of the funding sources for the recently established Student Loan Scheme.

This was as it detailed the conditions that an applicant must meet to qualify for the loan.

It said the scheme would be fully automated to ensure zero human involvement in the application and processing of the loans to applicants.

“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.

Barely one week earlier, the Minister of State for Education, Dr Yusuf Sununu, revealed that the scheme was on track to start in January 2024 as the President promised last October.

Adedeji, who spoke alongside the Executive Secretary of the Student Loan Board, Dr Akintunde Sawyerr, said channeling the education tax into the scheme was the administration’s way of being accountable to Nigerian taxpayers.

“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.

Meanwhile, the Executive Secretary of the Scheme, Sawyerr, who gave his first public briefing on the programme said eligible applicants would route their requests through the loan app or website, affirming that the scheme would be devoid of human involvement.

He itemised the application process, saying prospective candidates must avail their JAMB registration number, date of birth, National Identification Number and Biometric Verification Number, among others.

“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