Chairman of the Oyo State Education Trust Fund, Nike Akande, on Thursday said that Governor Abiola Ajimobi’s efforts to rebuild the education sector with funds pooled from the public and private sources would, in the long term, improve the standard of education in the state.
Calling on all stakeholders to support the scheme, Akande, who spoke in Ibadan ahead of the official inauguration of the scheme on November 21, 2017, said the board had already started working on how to raise N50bn for the project, adding that every money raised would be spent to rehabilitate dilapidated infrastructure in all the schools owned by the state.
Akande, who is the president of the Lagos Chambers of Commerce and Industry, added that part of the money would also be used to develop the capacity of teachers in the schools to achieve maximum success.
“The state of education in the state today is appalling. What we have now is a departure from the standard that we used to have had. The state government must be commended for the good initiative. The scheme was set up by an Act and we have been given a mandate since the board inauguration in July this year.
“We have been doing a lot of advocacy to inform people that whatever is contributed is for the benefit of the children and the society. The fund will be solicited from the five per cent Value Added Tax accruing to the state and one per cent of Internally Generated Revenue of public institutions in the state as captured in the fiscal budget.”
She also said that one per cent of the fees paid in private schools would form part of the sources.