Abubakar Suleiman, the chief executive officer at Sterling Bank Plc has advocated for a state of emergency on the primary and secondary school education systems across the country.
Suleiman speaking at Arise Television on the topic; “Improving Nigeria’s education Sector”, said that over-dependence on the government for funding primary and tertiary education will continue to widen the poverty gap in Nigeria.
According to the seasoned banker, “If we think that government is the only one to fund education, then, funding is and will remain an illusion.”
He reiterated that government does not have enough money to fund about 10 million Nigerians in higher institutions today.
Read also: FG to establish free trade zone in University of Abuja
“My estimate is that we at least need to have about 10 million Nigerians which is about five percent of our population studying at tertiary institutions across the country for us to begin breaking the back of poverty. Government cannot fund that, it is already struggling with two million.
“What we need to think about and we need to come to an agreement is on how else we can fund tertiary education. Because if we do that and if we find a solution that says that tertiary education is an individual investment and that the individual has the capacity and the will to pay back that investment.
“We can then start to direct the resources to tertiary institutions move that back to primary and secondary schools sector, where now face the crisis and we need to declare a national emergency,” he said.
He believes if that is done the country will have more money to fill the gap of what the government is funding today and that they are far more scalable because they are commercial in nature. And that Nigerians who are financially viable will be able to support closing the gap.
