The Oyo State Government has launched its Education Trust Fund (Oyo ETF) to train teachers and rebuild schools with dilapidated facilities.
According to the Fund’s Chairman, Chief Mrs Onikepo Akande, the primary aim of the fund is to restore dilapidated school buildings and facilities to support the works of School Governing Boards (SGB).
Addressing reporters at the Ministry of Information, Culture and Tourism on Thursday, Akande said Oyo ETF was established to revive quality education in the state to the level that it can comply with global standards.
She said that the Oyo ETF would be applied to education at all levels and also ensure completion of intervention projects.
She said that the work of Oyo ETF would complement those of OYOMESI and SGBs for overall improvement in public education in the state.
Akande explained that schools in need of urgent intervention are being collated for consideration, adding that many public and private schools have also been responding positively to the call to pay their statutory dues to the fund.
Contributions to the fund would come from the following:
- An amount equivalent to five per cent of the Value Added Tax (VAT) accruing to the state and its local governments
- One per cent of Internally Generated Revenue (IGR) of public institutions in the state
- Other monies appropriated by the House of Assembly
- Donations and grants by organizations and charitable individuals