Chancellor, Precious Cornerstone University, Ibadan and President Pentecostal Fellowship of Nigeria, Bishop Francis Wale Oke, has called for a review of the Tertiary Education Trust Fund (TETFUND) Act of 2011.
He made the call as guest lecturer at the maiden Archbishop Benson Idahosa Memorial Lecture; where he spoke on The Role of Faith-Based Universities in National Transformation
The event was held recently at the Legacy Campus of the Benson Idahosa University, Benin.
The review of the TETFUND act according to him should accommodate privately-owned tertiary institutions in the country. This will enable them to benefit from the fund just like those owned by the government.
Start the amendment
He called on the National Assembly to evolve a mechanism for the amendment of the TETFUND Act,
Oke noted that about 40 percent of the univesities in Nigeria are now being owned by private hands unlike in 1993 when the Education Trust Fund (ETF) was established.
Their inclusion in the act according to him would enable them to access funds for essential infrastructure in the universities
He argued that faith-based institutions need the funds because they have made significant contributions in the area of human resource development and other aspects of national development.
He said, “Faith-based universities have become major drivers of economic advancement in Nigeria. Many of their products are playing outstanding roles in the different sectors.
Faith based institutions making great impact
Graduates of faith-based universities according to the PFN president are impacting the financial technology and entrepreneurship sectors in the country.
He cited founders of organizations like Paystack founders, Sola Akinlade and Ezra Olubi, Sycamore Founders, Babatunde Akin-Moses and Onyinye Okonji, as well as Founders of Piggyvest and Thrive, among others as products of private universities
He said the recent report of the Nigerian Universities Commission (NUC) and the Law School show that private universities are doing better than public universities
Benson Idahosa’s role
Bishop Oke at the event launded the late Archbishop Benson Idahosa for his visionary and ground-breaking works in Christendom. He commended him for his foresight and the pioneering role in the area of tertiary education.
Dignitaries present at the occasion include the Edo State Governor Godwin Obaseki, Pastors E.A. Adeboye, Ayo Oritejafor and Rev Felix Omobude.
Pro-Chancellor of the university, Professor Pat Utomi , former Edo Governor Lucky Igbinedon and his father Osama of Benin were also there among others.
If private universities want to access TETFUND, they should get it as loan since they are in business for profit.
How many families can send their children to private universities especially in churches that sets them up? Tens of Million I guess.
The truth is that private universities are doing great and boosting intellectual prowess and development, the bottom line is that IT IS A BUSINESS. Period! To fund your business, you either go for donations, bootstrapping, grants and or loans.
On what condition are the private universities get the fund? That’s a request going too far. Federal universities are far cheaper than the private. If the private universities want loans, I think they should go to banks and other private lenders. Government shouldn’t be stampede to do what’s immoral and indefensible.
These are my views. No apology please ??