UNN VC, Seplat Petroleum MD seek better funding of education

The Federal Government has been called upon to step up funding  in educational sector.
The call was made at a  public lecture presented at the University of Nigeria, Nsukka main campus to mark the  58th Founders’ Day celebration  of the University. 
The Guest  Lecturer  and Managing Director/Chief Executive Officer,  Seplat  Petroleum  Development Company PLC,  Dr Austin  Avuru, observed that while Nigerian governments spend huge amount of money  in developing other sectors,  the  educational sector was  under funded,  hence  the need for re-ordering of spending  priorities. 
He regretted that a liquidity  gap  of over $3 billion has been created over the  past four years in the power  sector because  of a regulated tariff regime that actually  benefits no one and continues to strangulate  growth of the sector.
“The money  pumped  down the drain in these institutions between 1990 and now would have been enough  to completely  transform our educational and healthcare sectors”, he said.
According  to him,  “A total  exit from commercial ventures,  plus strengthened and  more effective  taxation  and regulatory  system  will free up much needed  funds  for massive investment  in the  four  key  priorities  of any well -run state,  viz: education,  healthcare,  social  infrastructure ,security ”
Avuru  was of the view that “education  spending  has to increase  tenfold  to over 20 percent of budget  and 2.5 percent  of GDP and maintained over the  next twenty  years to completely  transform  education  system  and evolve a skills and knowledge -based society  that can propel the economy to its full potential”. 
       He noted that,  “It has taken us twenty-nine  years of a half-hearted  privatization program with government still holding  keep stakes in oil and gas midstream,  steel plants,  electricity  transmission,  railways and aviation
       The guest speaker opined that “We cannot  effectively  reverse our stunted  growth  in education,  healthcare and the economy  without addressing our high population growth  rate. He explained that a population  growth rate  that excluding  the  contribution  of oil revenues,  actually outstrips the GDP growth  rate over such a long period of time can only lead  eventually  to disaster.
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He, however, suggested that government should urgently come up with a policy  and a campaign of one family,  two children.” I am by no means advocating an imposition  which may offend religious  and cultural  beliefs. But a policy of one family,  two children  would mean that social benefits extended by employers like free healthcare,  education  grants, tax reliefs etc would only extend entitlements  to a maximum family size of four”, he said.  
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Earlier  in a welcome address, the Vice Chancellor of University of Nigeria,  Nsukka,  Professor  Benjamin Ozumba, said that on assumption of office in 2014,  he set up five -point strategic plan and that his  administration has been making spectacular  progress  in all spheres of the University’s  life “.
       He  disclosed that prior to the inception of his administration, “The University  had a backlog  programmes / courses requiring accreditation They survived by giving penalties to the National Universities Commission. Today,  the story is different, all the over 100  academic programmes  running in the University are fully accredited”.  He added that his administration had transformed the University through  creation of new faculties , academic curricular of different programs,established academic linkages for international  collaboration  across the continent massive infrastructural development , staff welfare, cordial relationship with the students and staff among others.