Don urges FG to establish education development bank

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ABUJA – Dr Andrew Efemini of the Department of Philosophy, University of Harcourt on Wednesday called on to establish Development Bank in the country.

Efemini told the News Agency of (NAN) in Abuja that the establishment of the bank would assist in providing loans to relevant bodies in the sector.

He said that a Federal Government panel in 1982 recommended the establishment of the bank as an alternative finance mechanism for the sector.

“The establishment of the bank without any further delay will help reposition Nigerian in terms of funding, sustainable growth, universal and global ranking.

“It will facilitate the and autonomy of and reduce drastically dependence on government direct funding as it is in most countries,’’ Efemini said.

He urged governments at the different levels to revisit Decree No.58 of 1993 to back the establishment of the bank.

He said that would compete globally if they had the for raising funds and investing same in the institutions. [eap_ad_1] Efemini said that the owners and shareholders of the bank should include the federal and state governments, Tertiary Trust Fund (TETFUND), and corporate investors, and public universities.

He said that soft loans mobilised from international finance sources could be used to finance the bank.

“This will assist universities to own assets and invest in such a way that they will be able to pay wages and salaries of lecturers that can match international standard.

“This is such that government guarantees, international funding agencies , corporate bodies’ investment, incentives for people. “It is also expected that the asset base of the bank will be in trillions of naira or billions of dollars,’’ he said.

Efemini said that the issue of competitive wage for both academic and non-academic staff was a way of convincing in the to return .

He said that arrangement were already on ground to enact a by the councils of universities to ensure that they utilise the funds from the education bank.

Efemini said the objectives that were set for the education bank include fund innovation and investment proposals that would promote a sustained self-reliance of the universities. (NAN)[eap_ad_4]