The commendable role of FIRS in the student loan scheme

The commendable role of FIRS in the student loan scheme
May 23 11:56 2024 Print This Article

By Arabinrin Aderonke Ogunleye-Bello

Under the capable leadership of Zacch Adedeji, the Executive Chairman of Federal Inland Revenue Service, FIRS, the agency has committed to supporting the transformative Student Loan Scheme, an initiative that aligns with President Tinubu’s Renewed Hope agenda. Adedeji’s foresight and dedication are important in mobilizing resources efficiently, thus playing a role in revamping the economy and supporting the empowerment of youth in this regard. His leadership ensures that the vision of a prosperous Nigeria becomes a reality.

In a move to address the longstanding issues of inadequate funding and recurrent strikes in federal universities, President Bola Ahmed Tinubu signed the Students’ Loan Bill into law. The legislation promises to provide interest-free loans to financially disadvantaged Nigerian students, ensuring they can complete their education in government-owned higher institutions without financial hindrances.

At the heart of the Student Loan Bill lies the collaborative effort of government agencies like the *Federal Inland Revenue Service (FIRS).* This agency commits 1% of its collected taxes to the General Reserve Fund, forming a reliable financial foundation for the initiative. This allocation ensures a consistent flow of funds for student loans and educational programs, directly bolstering students’ access to higher education and nurturing socio-economic growth. The education tax is 3% of a company’s profit, which helps provide more funds for education, making sure that more students can benefit from programs like the Student Loan Scheme.

The importance of this initiative can not be overstated. By extending interest-free loans to deserving students, particularly those from low-income homes, the Student Loan Bill shatters one of the most formidable barriers to higher education, which is financial constraints.

With the implementation of the Student Loan Bill, a beacon of hope illuminates Nigeria’s educational system. Aspiring students from every corner of the nation gain access to financial support, empowering them to pursue their academic dreams and contribute meaningfully to the country’s progress.

President Ahmed Tinubu’s vision to enhance education access through the Student Loan Bill marks a turning point for Nigeria’s future. By prioritizing investment in education, President Tinubu not only empowers individuals to unlock their full potential but also lays a good foundation for generations to thrive upon. As Nigerians rally behind this visionary leader, there emerges a renewed sense of hope and optimism permeating every facet of society.

The enactment of the Student Loan Bill is not merely a legislative milestone; it is a testament to the unwavering commitment to building a brighter and more equitable future for all Nigerians. This heralds a transformative era, where education becomes the cornerstone of progress and prosperity, ensuring that no aspiring mind is left behind in the pursuit of knowledge and fulfillment. As the nation embarks on this journey towards educational empowerment, the echoes of President Tinubu’s visionary leadership resonate, inspiring a nation to aspire, achieve, and thrive.



_Arabinrin Aderonke ANIPR is an Award-Winning investigative journalist, 2016 finalist, CNN African Journalism Award. She currently serves as the technical assistant, broadcast media, at the Federal Inland Revenue Service, Abuja. She writes from Abuja_

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