The Chairman of the National Proprietors of Private Schools, Otubela Abayomi, has urged the Federal Government to create an intervention fund for registered private schools operating in the country.
He said this had become necessary due to the high interest rates that private schools were charged by commercial banks.
Commercial banks charge private schools a 36 per cent annual interest rate, severely affecting their sustainability, he revealed.
The NAPPS chairman noted that due to the high interest rates, several private schools are considering shutting down as they can no longer afford the rates, just as parents now struggle to pay their children’s school fees.
Speaking with our correspondent, Otubela said, “The high interest rates have forced many schools to close by the end of this session.”
“As I speak with you, I have on my table about 20 schools across the country from whom we have received official information that they are winding down operations.
“It is difficult for them to pay such interest rates, and parents are also struggling to afford the increase in school fees. Many parents have already withdrawn their children from such schools, or some have decided to put their children in state-owned schools.”
Emphasising that education was the right of every child, Otubela said the intervention fund, especially at the basic educational level, is important and will help education reach every child in Nigeria.
