Oyo schools now to remit 1 percent of fees to Trust Fund

Starting from the 2017/2018 session, management of private schools in Oyo state are to remit one percent of all fees paid by students while public institutions are also to contribute one percent of all fees and Internally Generated Revenue to the state Education Trust Fund.

According to Executive Secretary, Oyo ETF, Mrs Adenike Okunade, the money expected to be remitted on a monthly basis, is to address the challenges of the state’s education sector.

The fund, she stated, was to provide finance to supplement the provision of education, ensuring completion of intervention projects and promoting modern technologies, ideas and organisational skills in education sector of the state.

Okunade disclosed the takeoff of this funding strategy at a meeting with education stakeholders such as associations of proprietors, Christian schools, private secondary schools among others, on Tuesday.

While stating that modalities for the payment would soon be unveiled, she called for the cooperation of the stakeholders in regular payment and their provision of reliable statistics as required by the fund.

She added that the ETF was also legally bound to receive five percent of Value Added Tax accruing to state and local government, grants, donations to carry out its task as mandated by Governor Abiola Ajimobi.

Speaking, Chairperson, Oyo ETF, Chief Mrs Onikepo Akande said the state was committed to remove the rust on the education sector and restore its shining nature.

She therefore sought the cooperation of all stakeholders in revitalising the education sector, while assuring that private and public schools alike will benefit from the ETF motives.

One of the stakeholders, Coordinator, Association of Christian Schools International, Mrs Moni Adeyeoluwa lamented that they already paid a lot of fees and taxes noting that the extra one percent on fees was more burden on the schools’ management.

Also, Mrs Ronke Kumapayi of Association of Proprietors of Accredited Private Secondary Schools also decried the existence of many unregistered private schools calling on government to check the proliferation.

Other stakeholders admonished those lamenting the development to seek a review of the law setting up the Oyo ETF.