The state government of Ondo State established an Education Endowment Fund with the goal of raising funds to reposition the education sector in the state as part of its attempts to raise educational standards in the state.
To assist the state’s administration in subsidising the education sector, the endowment fund mandates a voluntary contribution of N1,000 per year from each taxable resident of the state.
Mr. Femi Agagu, the state commissioner for education, science, and technology, discussed the development with journalists on Tuesday in Akure, the state’s capital. He said the state government had established a board made up of notable natives of the state to wisely administer and regulate the fund for the development of education at all levels in the state.
The commissioner claimed that there were a huge number of schools that the state government was sponsoring, thus there was a need for everyone to share responsibility and work with the government. If one million residents of the state pay their N1,000 fee, he said, the government will be able to target over N1 billion annually from the endowment fund.
He said, “The fundamental conception is that the fund will have perpetual existence and that all and sundry within Ondo State and beyond will be encouraged and indeed urged to contribute to it according to their abilities and at all times as they feel able to do so.
“Contributions could be once and for all lump sums or periodic remittances of the standing-order type. International and national organisations, as well as individuals within and outside Nigeria, are welcome and strongly encouraged to contribute to the fund.
“Attainment of the desired place for education in our dear state cannot be shouldered by the government alone. Considering the number of schools the government needs to finance, aside from other sectors, funding education must be a collective responsibility. ”
He added that the government would start a statewide campaign of public awareness to educate the populace about the value of funds to the state’s education sector but that there was no consequence for anyone who couldn’t pay the amount.
In his remarks, the state’s commissioner of finance, Mr. Wale Akinterinwa, stated that the fund will enhance the budgetary allocations and capital projects currently being implemented in the education sector.
“These funds are to enhance whatever the state has been able to do. The board is made up of reputable individuals. Nothing has affected the budget for education.
“We are able to fund our budget. The state is able to meet all its obligations in the budget as per education. This fund is to enhance whatever the state government is doing in the education sector. Whatever the government is able to do will be enhanced. We have met with the workers. What is key is to let people know the importance.”
