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.