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Ekiti to borrow N3bn for UBEC fund

Ekiti to borrow N3bn for UBEC fund

Rasaq Ibrahim, Ado Ekiti

The Ekiti State authorities has accredited the borrowing of a sum of N3 billion to pay for the Common Fundamental Schooling Fee (UBEC) counterpart funding.

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

An announcement signed by the Commissioner for Info, Muyiwa Olumilua, disclosed that the approval for the mortgage was given on the digital assembly of the State government council held in Ado Ekiti, on Thursday.

Olumilua mentioned the mortgage is to allow Ekiti State Authorities meet up with its statutory 50% counterpart obligation in the direction of the discharge of funds for UBEC/State Common Fundamental Schooling Board (SUBEB) initiatives for the 12 months 2019 and 2020.

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He famous that the fiscal step turned 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.

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The assertion mentioned: “Memorandum on the supply of N3, 031,076,059.82 time period mortgage for 2019 and 2020 Ekiti State Authorities counterpart contribution for SUBEB/UBEC initiatives:

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“Being a Federal and State Authorities partnership, each tiers of presidency are required to give you their respective 50% contributions earlier than the overall sum is launched to the State Authorities.

“It must be recalled 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 the reimbursement remains to be ongoing”.

Olumilua added that Governor Fayemi has constituted three separate monitoring items, tasked with the project of finishing up an infrastructure audit within the schooling sector, to find out the exact wants of the assorted colleges.

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The commissioner famous that the mandate of our bodies embody monitoring of execution of all SUBEB initiatives within the State, to make sure that all contracts award comply with due course of and duly executed .

Olumilua added that Fayemi additionally tendered the memorandum for the modification of the Ekiti State Debt Administration Regulation 2020 on the council to allow the state establishes State Debt Administration Workplace (SDMO).

Ekiti to borrow N3bn for UBEC fund

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