The Honourable Commissioner for Education, Science and Technology,
Honourable Foluso Daramola, has called on well to do individuals and
corporate organizations to support the efforts of the Fayemi-led
administration in developing education in the state.
He made the call in Ado Ekiti while reviewing the periodic progress
report of Ekiti State Education Trust Fund (ETF), which was presented
by the Executive Secretary of the Fund, Mr. Olubunmi Jeje.
The Honourable Commissioner called on stakeholders, including
philanthropists and organizations, to donate in cash and kind towards
the supplementary funding of education while charging the management
of the Ekiti State Trust Fund not to relent in its efforts to widen
the revenue base of the Fund.
In his report which was presented earlier, the Executive Secretary of
the Fund, Mr Olubunmi Jeje said that officials of the State ETF would
soon commence massive sensitization to encourage philanthropists and
organizations to contribute their quotas by donating in cash and kind
to the development of education in the State.
He added that ETF Officials would embark on advocacy visits, media
campaign and sensitization talks among others to achieve the desired
goal.
Mr Jeje recalled that the Trust Fund was established in 1998 as “Ekiti
State Education Endowment Trust Fund” adding that government however
reformed and changed the name to the present “Education Trust Fund” in
year 2011 to widen the scope of the Fund for greater effectiveness.
He said the fund was created to renovate, rejuvenate and upgrade
education for better learning outcome through provision of
supplementary funding, in addition to the direct funding from the
government treasury.
Highlighting the sources of funding for Education Trust Fund, Jeje
said that statutory deductions constitute a major source of the Fund.
The ETF law provided for the deduction of either 1% or 2% of contract
sums in respect of all types of contract activities, agency
arrangement, consultancy and management services, apart from outright
sales and purchase of goods and properties in the ordinary course of
business.
According to him, 1% is deductible from contract sums worth 50,000.00 to #1million and 2% from contracts worth more than 1million. In addition, 1% of the basic salary of every political office holder at the State and Local Government levels is also
deducted and pooled together for the Trust Fund.
Other sources of fund include contributions or donations from
individuals and corporate organizations and returns from investments.

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