Ondo Launches N1.5bn Education Endowment Fund

Ondo State government has launched an N1.5 billion education endowment fund to improve the educational facilities, among other interventions in the state.

Governor Rotimi Akeredolu said the rationale behind the endowment fund was to provide a pool of financial resources independent of normal government subventions to renovate, rejuvenate and generally upgrade the education system in the state.

Speaking yesterday on behalf of the state government at a press conference in Akure, the state capital, the commissioner for education, science and technology, Femi Agagu, disclosed that the government would tax every adult N1,000 annually to fund the sector.

He said the fund, when realised, would be expended on provisions of facilities for schools and renovation of dilapidated school structures, and provisions of bursaries and scholarships among others.

Agagu hinted that the State Executive Council through the Ministry of Education, Science, and Technology working with the Ministry of Justice and Ondo State House of Assembly had amended OSEEF Law and introduced an education levy in the state payable by every taxable adult.

The education commissioner said, “The fundamental concept 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.

“Therefore, every taxable adult, person, individual from age 18 and above in the state is mandated to pay a sum of N1,000 on an annual basis (yearly) for education endowment levy.’’

Also speaking, the commissioner for finance, Wale Akinterinwa, said the education endowment fund said the issue of education is very important, adding that this fund is meant to support what the government is doing as far as the issue of education is concerned.