From Ndubuisi Orji, Abuja
Chairman of the Federal Inland Revenue Service ( FIRS), Muhammad Nami, has said one per cent of revenue from the federation account should be dedicated to the Students Loan Scheme.
He stated this at a summit organised by the House of Representatives Ad-hoc Committee on Students Loan and Access to Higher Education, yesterday, in Abuja.
He said rather than deducting one per cent of revenue accruable to the Federal Government, deductions should be from the federation account so that states and local government areas could also contribute to the scheme..
This is coming as stakeholders called for the review of the Students Loan Act, signed by President Bola Tinubu recently, to remove all encumbrances for accessing the loan, as well as extending the period within which beneficiaries can begin to repay..
President, National Association of Nigerian Students ( NANS), Usman Barambu, while speaking at the summit, said unless the law is reviewed many indigent students would not be able to get guarantors, to access the loan.
Barambu also implored the parliament to review the law to enable beneficiaries to begin to repay the loan, from five years after graduation, rather than the current years prescribed by the Act.
“Student loan is for us, and there is no student representation on the board. The board only captured NUC, sidelining the polytechnics and colleges of educations; they should all be inclusive for fairness and equity.
“Also the method of payment should be looked into as most students are not able to find their ground financially two years after graduation, it should be revised to four to five years. The Act also gives no room for forgiveness in cases of death, especially for security officers, that should also be looked into.”
Speaker Tajudeen Abbas, while declaring the summit open, said it was part of efforts by the House to address concerns arising from the Student Loan Act 2023.
Abbas, represented by his deputy, Benjamin Kalu, said despite the importance of education in the development of any country, many Nigerias cannot access higher education on their own.