Ondo moves to generate N1 billion yearly through education endowment fund

• Tasks taxable adults to pay N1,000 per year
• Says govt can’t bear funding of education alone

Ondo State government has kicked off implementation of the education endowment fund to further boost funding of education at all levels in the state.

Chairman, Board of Ondo State Education Endowment Fund (OSEEF), Akinsola Akinfenwa, who disclosed this, yesterday, while unveiling the education law that was introduced after the amendment of the OSEEF law in 2022, said that the state government is targeting N1 billion yearly through the fund.

Akinfenwa, who briefed journalists on the purpose of the fund, represented by the state’s Commissioner for Education, Olufemi Agagu, said that the fund would provide a pool of financial resources independent of normal government subventions to renovate and upgrade the education system.

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.

“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 the 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.”

While stressing that the state was already making N500 million yearly into the fund from the two per cent deducted from contracts awarded in the state, Agagu said that the levy would be voluntary for residents of the state.

On his part, the Commissioner for Finance, Wale Akinterinwa, who is a member of the board, emphasised that the levy would supplement capital projects being implemented in the education sector with budgetary provisions.

“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.”