The Federal Government has said the Student Loan Scheme would be funded through the Education Tax Fund, under the Federal Inland Revenue Service, FIRS.
FIRS Chairman, Zacch Adedeji revealed this on Monday while briefing State House Correspondents alongside the Executive Secretary of the Board, Dr Akintunde Sawyerr, at the Presidential Villa, in Abuja.
According to Adedeji, the deployment of the Education Tax Fund in the scheme is one of the ways the government can be accountable to taxpayers in the country.
In his remarks, Sawyerr also assured that the process for applying for the loan would be devoid of human intervention as every action would be undertaken on an App specifically designed for the purpose.
He explained that the government was keen to ensure that young Nigerians do not fail to acquire tertiary education just because of lack of funds to continue their studies.
According to him, the implementation of the student loan scheme would enable Nigerians to pick a career trajectory of their choice rather than being forced to do something else because they were unable to acquire requisite education due to lack of funds.
Sawyer also affirmed that the loan would help to stem the dangerous journeys undertaken by Nigerian youths across the Sahel to Europe in search of a better life.
