The Ondo State government has set up an education endowment fund aimed at raising money for revamping the education sector in the state.
The fund requires all taxable residents to pay N1,000 annually to support the government in funding the education sector.
The state’s Commissioner for Education, Science and Technology, Femi Agagu, disclosed this while briefing newsmen Tuesday in Akure, the state capital at the launch of the endowment fund.
Agagu said, “The purpose of the fund was to provide a pool of financial resources independent of normal government subventions to renovate, rejuvenate, and generally upgrade the education system in Ondo State.
- Inflation erodes minimum wage by 41% in 3yrs – Report
- NIGERIA DAILY: Why Nigeria Will Keep Importing Palm Oil – Experts
“Accordingly, 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,” Mr Agagu added.
He said the State Education Endowment Fund Law, Cap, 47 Volume II Laws of Ondo State, Nigeria, 1992, was amended and passed by the State House of Assembly last year, stressing that Governor Akeredolu later gave his assent to the amendment in August last year.
“By this amendment, 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 levy,” said Mr Agagu.
While justifying the levy on the residents of the state, Mr Agagu said that the state government alone cannot fund education and expected a desirable result.
