Kwara Seeks N7.1bn Loan to Access UBEC Funds

kwara state map

By Adedapo Adesanya

The Kwara Executive Cabinet has granted approval for the government to seek a N7.1 billion loan facility from a bank as counterpart fund to access over N14 billion outstanding Universal Basic Education Commission (UBEC) funds.

A statement issued in Ilorin on Saturday by the Commissioner for Communication, Mrs Harriet Afolabi-Osatimehin, quoted the Commissioner for Finance and Planning, Mrs Florence Oyeyemi, as saying this during the cabinet meeting on Friday.

According to Mr Oyeyemi, the money will serve as 50 per cent matching grant for the UBEC counterpart funds.

This, she said, would bridge the yawning gap in the basic education sector including strengthening infrastructure, training and equipping teachers with modern teaching skills.

The commissioner for finance and planning added that the fund would be spent to provide instruction materials and purchasing vehicles to aid the performance of monitoring and quality assurance activities across the state.

Mrs Oyeyemi said that Kwara currently has Nigeria’s highest outstanding UBEC funds, following the commission blacklisting the state previously for diverting what it accessed in 2013.

The commissioner said Kwara exited the pariah status last year after the new administration paid back the N450 million that was diverted, although it still had an outstanding N7.1 billion with the UBEC.

Mrs Oyeyemi said the bank facility would be accessed and drawn in instalment to provide the counterpart funds to be invested in the basic education sector

“Added to the N7.1 billion matching grants from UBEC, Kwara will be committing at least N14, 301, 843, 568.18 to revitalise the basic education sector across the state,” Mrs Oyeyemi said.

She told the cabinet that the facility became necessary in the face of dwindling resources to subnational governments across the country and the overarching need in Kwara to invest in basic education for a brighter future.

Mrs Oyeyemi also said that the cabinet’s decision would be conveyed to the House of Assembly for their approval and inclusion of same in a supplementary budget, which the government may pass to deepen investments across productive sectors of the economy.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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