Inflation: Private school owners brainstorm on survival strategies

Private school owners in the country have decried the high cost of running schools, saying most of them are struggling to survive largely because of the high inflation in the country.

The private school owners made this observation on Wednesday in Lagos at the League of Muslim School Proprietors (LEAMSP) summit where members of the group barnstormed on the survival strategies.

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Speaking at the forum, themed: “Leading a financially stable school,” the keynote speaker, Mr AddulRahman Adedigba, said even though, it is possible for private schools to be financially sustained, the reality in the country today is that many of them are unable to break even.

He noted that in Lagos State, for example, only about 20 per cent of private schools are financially healthy while the rest are on life support.

He said schools in rented apartments for example would find it more difficult to break even as substantial part of their income would go into rent and salary payments as well as other needs including taxes and levies imposed by the government.

Adedigba said while private school owners would need to diversify their sources of income and not rely solely on school fees from students which he said some parents don’t even pay promptly, they should also be more prudent in spending the little they earn.

He added, “You will also need to repackage and promote your schools to attract more enrolment and qualified workforce, especially the teachers and administrators.

“Always do periodic auditing and ensure you separate your personal expenses from the school account. Collaborate and not engage in unhealthy rivalry with any school, especially those around you.

“Ensure your school is not only inaccessible locations but also equipped with necessary tools that can enhance learning outcomes.

“Expose yourself and workers to learning by attending capacity-building programs and further training.

“While it is also not necessary to increase your school fees now and then, you may not also need to copy or follow what other schools around you are doing. For example, don’t say because they organize Colour or Cultural Day, you too must do the same.

“So, run your school according to your peculiarity and with innovative academic and social content that will appeal to both learners and parents.

“Also embrace technology as that is the way to go in this century.

“Above all, stay with your vision of establishing the school and run it according to the global best practices and the fear of God.”

The guest speaker pointed out that any school owner, who is ready to embrace change and implement these recommendations would find it easier to gain financial stability for his or her school.

He commended the organisers for the annual training, urging them not to rest on their oars.

Speaking earlier, the National President of LEAMSP, Abdul-Wahid Obalakun, expressed confidence that the knowledge gained through the forum would substantially help participants to run their school profitably.

He noted that for the group to come up with a theme similar to that of last year- which was “Building economic resilience: Navigating Nigeria’s education economy,” is a clear indication that many private schools actually need a lifeline to survive and thrive.

According to him, this year’s and last year’s themes are a call that echoes the urgent realities of this time that most private schools really need to gain more insights into how to run flourishing schools.

He said, “We set up schools to nurture the minds and souls of young ones and equip them with the knowledge and morass compass they need to navigate the complexities of the 21st Century.

“This responsibility goes beyond the classroom, and we should therefore strive to ensure our schools outlive our generation.

“So, to lead financially sustainable schools, we must rethink the way we operate, diversify and also invest wisely on things that we make our schools grow, develop and financially sustained,” he stressed.

Acknowledging the recent move by the Federal Government to upgrade some polytechnics to universities, Obalakun described the move as unnecessary.

According to him, it would have been beneficial if those polytechnics were strengthened and empowered to award degrees rather than changing their names.

“That would have been the way to show that Nigeria is truly seeking economic prosperity through education,” he stressed.

Obalakun, however, expressed delight that the West African Examinations Council (WAEC) and the National Examinations Council (NECO) would migrate to computer-based exams from next year for school-based candidates, saying the migration is in tandem with the global best practices.

In his welcome address, the Lagos State chairman of LEAMSP, Yaqeen Akinloye, urged members to remain united and always open to new knowledge so as not only to survive but to thrive.

He said the association had made a significant impact through the forum and other activities in the lives of members as well as the education sector and the economy by extension.

In his goodwill message, the Lagos State House of Assembly Speaker, Mudasiru Obasa, represented by Dr Jubril Ayodeji Abdulkareem, member of the House of Assembly representing Agege Constituency 2, commended LEAMSP for imparting knowledge to children and also instilling in them moral values that will make them responsible citizens.

He said the Lagos State government is proud of its contributions to shaping the lives of future generations, urging them to intensify the effort.

On his part, the state’s commissioner for Basic and Secondary Education, Jamiu Alli-Balogun, represented by Dr Suleiman Ogunmuyiwa, also lauded the contribution of LEAMSP members to the development of education in the state, promising that the state government would continue to provide an enabling environment for private schools to thrive.

More than 250 school owners and other educators including Oloye Saheed Baameko, attended the forum.