Nigerian Govt Run to Islamic Bank for N40bn Loan to Boost Arabic-English Education in Osun, 8 Northern States

Nigerian Govt Run to Islamic Bank for N40bn Loan to Boost Arabic-English Education in Osun, 8 Northern States

  • The federal government had approached Islamic bank for help to fund educational projects in the country
  • After months of waiting the, Islamic bank board of directors accepted to grant the loan which will be paid back without interest
  • Nine states are to benefit from the loan and this will be oversea by Universal Basic Education Commission (UBEC)

The Islamic Development Bank's (IsDB) Board of Executive Directors has approved a $98 million (N40.54 billion) loan to support multilingual education in Nigeria.

The loan will help children from Adamawa, Borno, Gombe, Kaduna, Kano, Kwara, Nasarawa, Niger, and Osun perfect Arabic and English speaking.

David Apeh, Head of Public Relations and Protocol at the Universal Basic Education Commission (UBEC), said this in a statement published in Abuja on Wednesday 15 December 2021.

Nigeria Government Borrows N40.54bn From Islamic Bank to Fund Education in Osun, 8 Northern States
Nigeria government gets backing from Islamic bank to fund education Credit: Brothers91
Source: Depositphotos

The funding Apeh also said will help improve Nigeria's socio-economic situation, provide inclusive education, the Sun newspaper reports.

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Other key components of the loan, according to Apeh, is to increase access to basic education, improve quality, and strengthen school administrators' management capacity.

He said that 30 bilingual education boarding schools will be built across the nine states, helping to increase enrollment and minimize the Out-of-School-Children (OOSC) problem while also exposing students to information and communication technology (ICT).

Apeh words:

"Another key aspect of this project is the Awqaf and Istisnaa implanted to give real estate business for the program's long-term sustainability.
The project is overseen by the Federal Ministry of Education and the Federal Ministry of Finance and is organized at the national level by the Universal Basic Education Commission (UBEC), National Coordinating Unit (NCU)."

Executive secretary speaks

The meeting, which was chaired by the Executive Secretary, UBEC, Dr Hamid Bobboyi, who was represented by the Deputy Executive Secretary (Technical), Prof. Bala Zakari, also had in attendance, members of UBEC management as well as the representatives of the Federal Ministries of Education, Finance and IsDB.

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Bobboyi in his remark informed the state governments that the project was a loan that has to be repaid hence, the need to ensure its effective implementation and prudent management.

The states expressed their readiness to take ownership of the projects after completion while the participants were expected to brief their respective state governors.

Buhari borrows over N10 billion daily in the last six years

Meanwhile, each Nigerian is a debtor, owing over N160,000 due to the amount of loan borrowed by President Buhari since he came into power after the presidential election in 2015.

President Buhari has borrowed N21 trillion since July 2015, increasing Nigeria's debt to N33.1 trillion as of March 2021, according to data from the Debt Management Office (DMO).

A breakdown of the debt linked to President Buhari's administration showed that on a daily basis, the country secures over N10 billion within the last six years.


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