Lagos launches N5 billion support fund for 2,000 low-cost private schools

The Governor said the facility will benefit low-cost schools with amounts ranging from N500,000 to N5 million.

Lagos State government has launched a N5billion support fund to help reduce the impact of Coronavirus pandemic on low-cost private schools in the state.

By Abiola Odutola

This was disclosed by the Governor of the state, Babajide Sanwo-Olu via his Twitter handle on Friday.

READ: N4.16 billion unpaid lottery revenue recovered by EFCC

According to him, the educational sector is one of those severely impacted by the pandemic, with schools and vocational learning-centres shut since March.

He said, “With access to funding for privately owned schools and vocational training centres in the state, we are confident that this programme, under the partnership between First Bank Nigeria and Lagos State Education Trust Fund (LSETF) will help accelerate a sustainable return to learning and skills acquisition.”

READ: FG releases new details on MSMEs support scheme, budgets N200 billion for loans

He explained that the facility will benefit 2,000 low-cost schools with amounts ranging from N500,000 to N5 million.

Explore the Nairametrics Research Website for Economic and Financial Data

“As a responsible Government, we are obligated to provide interventions that would enable learners in schools study in line with the new normal,” the Governor Sanwo-Olu added.

The Chief Executive Officer, First Bank Nigeria, Dr Adesola Adeduntan, said “With this partnership, we are sure that registered educational institutions in Lagos State will have access to funds at subsidised interest rates to meet their needs as they reopen at this auspicious time.”