Vice President Yemi Osinbajo, SAN, has said it is very unrealistic for the citizens and corporate bodies to leave the funding of tertiary education alone to the government and has therefore challenged them to rise to the occasion and support education with their resources.
He stated this yesterday while speaking as the Special Guest of Honour at the launch of the N50 billion endowment fund for the Yaba College of Technology, Yabatech, in Lagos.
Osinbajo, who spoke virtually, said for tertiary institutions to achieve their mandate, well-meaning individuals and corporate bodies must assist them.
“I really appreciate and support what the premier higher institution in Nigeria, the Yaba College of Technology is doing, launching N50 billion endowment fund. American colleges have been supported by endowments for over 200 years. For instance, Harvard in 2020 got over $42 billion in endowment, Yale University got $31 billion and Stanford University got $29 billion.
“Since we came on board, we have been increasing allocations to education annually. We are not relenting but the government has other commitments competing for scarce resources. Such endowment funds are helping the institutions make discoveries in different areas. Private-public sector collaboration is necessary for Yabatech to become greater,” he said.
The VP advised that the endowment fund be invested wisely.
This is just as former President Olusegun Obasanjo, represented by Pastor Dotun Ojelabi and Dr Toyosi Obasanjo, congratulated Yabatech for doing the right things for over 75 years.
The former president noted that any investment in education amounts to investing in the future.
The Minister of Education, represented by Prof.Bola Oboh, said such effort would surely help in cushioning financial pressure on the college.
The Chairman of the Governing Council, Prince Lateef Fagbemi, SAN, said donors could also donate legacy projects that could be named after them if they so wish.
The Rector, Engineer Obafemi Omokungbe, explained that after 75 years of existence, facilities in the college have been overstretched and need overhauling.
The major donor was Sifax Group which promised to embark on a legacy project worth N100 million.