Lagos State Governor, Babajide Sanwo-Olu, on Thursday, announced that his government will be setting up Lagos State Tertiary Education Trust Fund for tertiary institutions in the state.
He said the initiative would be an autonomous funding mechanism that would keep all three Lagos tertiary institutions on the path of sustainability.
Sanwo-Olu made the announcement when he received members of the Visitation Panel to LASU led by the former Vice-Chancellor of the University of Lagos, Prof. Abdulrahman Bello, at the State House, Marina.
This was contained in a statement by his Chief Press Secretary, Gboyega Akosile, titled, ‘Sanwo-Olu floats autonomous financing channel for Lagos’ tertiary schools, sets up dedicated trust fund’.
According to Sanwo-Olu, the move will creatively revolutionise the model for the funding of tertiary education in the country.
Sanwo-Olu said the need to create an independent funding channel for the state’s tertiary institutions became pertinent, given the nature of disputes characterising the national university system which had led to the perennial staff strikes and closure of campuses across the country.
The governor said the fund would be a pragmatic strategy to meet the schools’ requirements.
Sanwo-Olu, however, directed the Attorney General, Moyosore Onigbanjo, SAN, and the Special Adviser on Education, Hon. Tokunbo Wahab, to fashion out the statutory framework that will give legal approval to the Fund.
He said: “Now that we have three universities in Lagos, I believe there is a need for us to set up Lagos State Tertiary Education Trust Fund, which, in our view, will create a sustainable model and the funding that is required, both internally and externally, to strengthen academic research, learning and all that is necessary to keep these universities on track of their mission.
“This is an idea whose time has come at the appropriate period many schools are under closure due to industrial disputes. I am issuing the responsibility to Attorney General and Special Adviser on Education to create the legal framework for the birth of the Trust Fund. This will be another legacy initiative our Government is bringing to sustain education in our State. This will create a financial model that will ensure sustainability of these schools.”
Sanwo-Olu said the Trust Fund would create an additional funding source to the three universities, aside the monthly subventions and intervention funds from federal education agencies, including Tertiary Education Trust Fund.