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.

The National Assembly had on Tuesday passed the NYSC Trust Fund Establishment Bill into law, awaiting the presidential approval.

The NYSC Director-General, Brigadier General Muhammad Fadah, disclosed this during his visit to the NYSC Orientation Camp in Ikare-Akoko, headquarters of Akoko North-East Local Government Area of Ondo State.

According to the NYSC boss, it is imperative for corps members to be equipped with the necessary skills in order to benefit from the trust fund by the time it will take off.

He said “In the 1970s and early 1980s, the federal, state, and local governments will look for you to come and work for them. Now, that era is over. That is why the scheme established the Skill Acquisition and Entrepreneurial Development programmes for you. Please take advantage of this situation.

“Get a skill, you may not know when that skill will be useful to you. Please avail yourself. Just go and train yourself in a skill. The NYSC Trust Fund was passed yesterday (Tuesday) by the National Assembly. It is just left for the President to assent to it.

“When it becomes law, at the end of your service year, every one of you will have a token that you can use to establish your business.”

In her remarks, the state NYSC Coordinator, Victoria Ani, who welcomed the DG, disclosed that a total number of 1,311 corps members comprising 330 males and 978 females were registered in the camp.

“I wish to assure you that our activities in camp are not compromised. The corps members are already in high spirit, receiving lectures and participating in the Skill Acquisition and Entrepreneurship Development programme, which has kicked off,” Ani stated.