Student Loan: TETFund, FIRS, Others Meet To Perfect Take-off Plan

Ahead of the launch of the Student Loan Scheme by President Bola Ahmed Tinubu, a committee comprising the Executive Secretary of Tertiary Education Trust Fund (TETFund), Arc. Sonny Echono, Executive Chairman, Federal Inland Revenue Service (FIRS), Mr. Zacch Adedeji and others recently met to finalise arrangements for the smooth take-off and sustenance of the programme.

The meeting which took place at the TETFund Headquarters in Abuja was called in compliance with President Tinubu’s directives to perfect implementation strategies for the scheme which was introduced by his administration to provide easy access to higher education for indigent students through interest-free loans.

Speaking while receiving the Executive Chairman of FIRS in company of TETFund management before the committee meeting, the Executive Secretary of the Fund, Arc. Sonny Echono expressed the Fund’s appreciation to FIRS for its efforts and innovations, part of which resulted in the remarkable increase in Education Tax collection for 2023.

Echono stated that the Fund looked forward to greater collaboration with the Service while working mutually towards achieving the President’s aspiration for effective funding and sustenance of higher education, as well as the success of the Student Loan Scheme.

“We are looking forward to greater collaboration (with FIRS) so that we can expand incidents and also improve efficiencies in the collection of these taxes; and more importantly, Mr. President is much focused on us being able to utilize these more efficiently to benefit our students and also to ensure steady and sustainable growth in the education sector,” he said.

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While stating that the primary visit of Mr. Adedeji was on the implementation strategies for the Student Loan Scheme, the Executive Secretary noted that the scheme was beyond just affording Nigerian students the opportunity to access education, as it had a wider implication of addressing national security challenges and supporting economic growth.

He assured that the scheme could commence at any time as mechanisms for implementation had been worked out and funding available.

In his remarks, the Executive Chairman of FIRS, Mr. Zacch Adedeji commended Arc. Echono for his commitment to national service, remarking that the Fund was privileged to have the Executive Secretary at its helm of affairs.

He assured that the FIRS would continue to discharge its statutory responsibilities of assessing and collecting Education Tax for the continuous development of the tertiary education sub-sector and the nation in general.

“Concerning our working relationship, we are at your service. FIRS is there to actually provide that effective and efficient service most especially in assessing, collecting and accounting for all forms of taxes, including Education Tax that we collect on your behalf,” he remarked.

Also speaking during the visit, Senior Special Assistant (SSA) to the President on Planning and Research, Mr. Dubem Moghalu expressed the desire of President Tinubu’s administration to solve critical problems affecting education and also bequeath a legacy of unhindered access to education for all Nigerian students.

“It is Mr. President’s ambition, and it is our obligation to help him achieve that ambition to make sure that after this administration, no Nigerian child will ever be denied the opportunity to acquire education and skills simply because their parents cannot afford it,” he said.