The Lagos State Governor, Mr. Babajide Olusola Sanwo-Olu, has declared that funding of the education sector must be prioritised and consistently improved, if the country desires to be a player in the 21st Century Economy, which is knowledge and technology-driven.
Speaking at the third edition of the Tertiary Education Trust Fund (TETFund) Taxpayer’s Forum with the theme, “TeTFund Intervention: Catalyst for Transforming Tertiary Education in Nigeria”, held at the Lagos Continental Hotel, Victoria Island, the Governor, represented by his Deputy, Dr. Kadri Obafemi Hamzat, said no nation can attain any meaningful development without improving its human capacity.
In his words: “As we all know, no nation can talk about meaningful achievement without the development of its human capital. It is through the upgrade and sustenance of human resources that other factors needed to grow the economy can be given meaning”.
He noted that it is imperative for stakeholders in the country to collectively show commitment to developing implementable strategies and initiatives that will significantly enhance the level of funding on a sustainable basis for public tertiary institutions in the country.
While acknowledging the contribution of TETFund to the improvement in the quality of tertiary institutions, Sanwo-Olu averred that efforts should not just be limited to building the physical structures alone but also investment in research and development, citing the role of academia in the development of Thailand for transformation of the country.
According to him, there are several universities, whose endowment funds are more than what nations in Africa can muster, adding that “The challenge to TETFund is how to galvanise a ‘Silicon Valley’ for Nigeria. Or how can we partner to create Tech Hubs in the country”.
“Adequate funding for infrastructural development and research will have a positive impact on the quality of research at this level, which will hopefully reduce the incessant disruption of academic calendar in our public institutions”, he noted.
Earlier in his address, the Minister of Education, Mallam Adamu Adamu, who was represented at the event by the Pro-Chancellor and Chairman, Governing Council, University of Benin, Dr. Sonny Kuku, adduced the development of a nation to being synonymous with that of its education sector, as many nations with highly developed economies deploy huge investment in the sector from both public and private resources, and Nigeria cannot be an exception.
He added that it is the desire of the federal government to, among other things, reduce significantly the out of school children population, consolidate the achievements of millennial goals on education as well as improve quality and access to the nation’s tertiary education. These, he said, are some of the many programmes, projects and policies of the present administration to change the narratives of the education landscape in the country.
The Minister reiterated the unflinching resolve and determination of the Buhari administration to collaborate with the Federal Internal Revenue Services at ensuring that Education Tax (EDT) Collection is improved and well enhanced to revamp and sustain the re-engineering cum redirecting processes of TETFund operations.
Earlier in his welcome address, the Executive Secretary of Tertiary Education Trust Fund, Professor Suleiman Bogoro stated that the Taxpayers Forum serves as a platform to honour and identify individuals and companies that have made tremendous contributions to education through the consistent payment of education tax and have invariably contributed to the development of education and by extension that of the entire nation.
Highlighting the projects carried out since the inception of the Fund till date, Prof. Bogoro disclosed that an estimated 152,838 infrastructure projects have been carried out across various public tertiary institutions, noting that the projects include the construction of lecture theatres, classrooms, hostels, offices, laboratories, road networks and fencing of institutions in different parts of the country.
