Lagos State Government in partnership with First Bank of Nigeria Limited yesterday launched a N5 billion Post-Coronavirus (COVID-19) Recovery Support capital for education sector to support low-cost private schools across the State in mitigating the negative impact of the pandemic.
The intervention fund, which targets over 2,000 private schools, was formally launched by Governor Babajide Sanwo-Olu, at a ceremony held at the Banquet Hall in the State House, Alausa. The Lagos State Employment Trust Fund (LSETF) collaborated with First Bank of Nigeria Limited to facilitate the matching fund, which will be given as loan to schools and vocational education centres across the state. Sanwo-Olu said the intervention was part of the state government’s sustainable solutions to limit the socioeconomic impact of the COVID- 19 pandemic on both residents and businesses.
He said: “It is no longer debatable that the education is one of the sectors that are severely impacted by the COVID- 19 pandemic, with schools and vocational learning-centres shut since March when we took the tough decisions meant to disrupt the spread of the virus. Given the incidence of the closure of schools in response to the pandemic, it would not be out of context to note that the challenges presently faced by these schools would increase significantly. “With access to low-cost funding for privately owned schools and vocational training centres in the state, we are confident that this programme will help accelerate sustainable and painless return to world-class learning and skills acquisition of our young population.”
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