NAN-H-51
Bank
By Magdalene Ukuedojor
Abuja, Oct. 19, 2017 (NAN) Some school owners in the FCT have called on the Federal Government to set up banks with specific focus on funding the education sector in the country.
They made the call on the sidelines of the Africa Global Education Forum, organised by Lost Hope Regainer Faith Foundation Ministry in Abuja on Thursday.
The educators said that increased funding was pertinent to the advancement of quality education in the country.
Mr Francis Jegede, Proprietor, JFK International School Lugbe, said that education banks should be set up the same way agricultural banks were set up.
Jegede said that such banks would enable school proprietors to obtain loans at low interest rates with which they would develop school infrastructure and equip them properly.
”We have the Bank of Industry, Bank of Agriculture, and other agricultural development banks; there is need also for education banks where institutions can benefit.
”These education banks can give soft loans with low interest rate to schools, rather than the schools going to commercial banks to obtain loans with high interest rates,” he said.
He also urged the federal government to extend its support to private schools through incentives and subsidies for school facilities.
He further advocated for duty-free school buses, to aid movement of students and their tutors across the country.
Mrs Peace Iheama, Proprietress, Capville Schools Abuja, decried the high interest on loans granted by commercial banks.
”We have development banks created for different sectors of the economy. If government can also set up education banks we are asking for, it will boost the education sector.
”We are asking for loans with a single digit interest like what obtains in other development banks that help manufacturers do better and reduce the prices of their goods.
”Single digit interest rate like nine per cent will be easier for us to operate because the current interest rates now range from 28 to 33 per cent, depending on the bank.
“This is in addition to other conditions attached,” she said. (NAN)
MUK/JPE/EMO
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Edited by Joseph Edeh