The House of Representatives has proposed that the funding of the Students Loan Scheme from Federal Government revenue be increased to three percent to ensure sufficient funds to cater for all qualified students.
The Access to Higher Education Act, 2023, otherwise known as the Students Loan Act stipulates that sources of funding will include one percent of all profits accruing to the Federal Government from oil and other minerals; one percent of taxes, levies and duties accruing to the Federal Government from the Federal Inland Revenue Service (FIRS), Nigeria Immigration Service (NIS) and Nigerian Customs Service (NCS); education bonds and education endowment fund schemes.
