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NEC approves establishment of Education Bank, Trust fund across states

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  • Considers compulsory development levy by students
Godsgift Onyedinefu

 

National Council on Education, (NCE) chaired by minister of  Education, Adamu Adamu has approved the establishment of education banks and Students Loan Boards by all  States at concessionary interest rate, to enable students access education fund.

The council also approved Trust Fund by all States of the Federation with special emphasis on funding Teacher Development and Secondary Education and  the re-establishment of State Education Development Fund (SEDFund)  and other funds to create additional but sustainable funding source to improve education service delivery.

This was made known after deliberations by stakeholders at the Ministerial session of the 63rd National Council on Education, (NCE) which ended on Thursday.

Adamu, had at the opening ceremony of the NCE meeting lamented that the sector has continued to suffer inadequate funding from the federal government which is below the UNESCO bench mark.

He called for an urgent need for stakeholders at the meeting, which is the highest policy making body in the sector  to explore alternate means to increase funding.

Minister of state for education Gozie Anwukah while speaking at the closing ceremony on Thursday noted that the establishment of additional sources of funding will aid the achievement of 2030 Agenda and end the endless cries of poor funding in the sector.

Other Resolutions also includes the establishment of a Special Intervention Fund for persons with Special Needs.

The communiqué also stated that all investments in education should be tax deductible and that contracts and other financial transactions should be taxed to fund education.

It further  said that revenue generated from parastatals in the Federal Ministry of Education should be ploughed back to the education sector for effective realisation of service delivery.

A collective agreement was initially made by delegates for a compulsory development levy of N500 and N1000 to be paid annually by primary and secondary school students respectively which will be paid into a dedicated development levy account.

Permanent Secretary, ministry of education,Sonny Echono said that parents and pupils should take responsibility and sacrifice by contributing to funding education.

However, Minister of State, said the recommendation of delegates on payment of development fees by students should go through policy stages as the council deliberated on strategies to increase funding.


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