Ekiti to borrow N3b for UBEC fund

From Rasaq Ibrahim, Ado Ekiti

Ekiti State authorities will borrow N3 billion to pay for the Common Fundamental Schooling Fee (UBEC) counterpart funding, it has been learnt.

The funding, in keeping with statutory preparations, requires the state and Federal Authorities to contribute an equal quantity to be accessed by the state.

A press release by the Commissioner for Data, Muyiwa Olumilua, stated the mortgage was accepted throughout a digital assembly of the State Government Council (SEC) on Thursday.

Based on Olumilua, the mortgage will allow the federal government meet up with its statutory 50 per cent counterpart obligation in direction of the discharge of funds for UBEC/State Common Fundamental Schooling Board (SUBEB) initiatives for the yr 2019 and 2020.

He famous that the step grew to become crucial on the premise that failure to pay the counterpart fund would disqualify the state from receiving her share of the UBEC/State Common Fundamental Schooling funding.

The assertion stated: “Being a Federal and state authorities partnership, each tiers are required to provide you with their respective 50 per cent contributions earlier than the overall sum is launched to the state. Recall that Governor Kayode Fayemi has considerably defrayed the excellent counterpart funds for the years 2016, 2017 and 2018 UBEC/SUBEB initiatives, which was initially uncared for by the earlier  administration, and reimbursement remains to be on.”