Massive investment needed in Nigeria’s education sector- Prof Moghalu

Prof. Kingsley Moghalu

2023 Presidential aspirant and former Central Bank deputy Governor, Prof Kingsley Moghalu has called for massive increase in financial investment in education sector. He made this known while speaking at an education themed event organised by Prime Business Africa tagged, according to him, “Funding Tertiary Education in Nigeria”.

Moghalu said, “We must fund education far more because the strength or weakness of any country’s education system is simply the most important thing that determines whether the society advances or decays. The collapse of education in Nigeria is why millions of children are out of school and Northern Nigeria now lives daily under the shadow of terrorists”.

“Education shapes how citizens see the world, enables countries achieve national ambitions (e.g. China, South Korea), and takes people out of poverty because educated people make better choices. The security situation and poverty in Northern Nigeria today relative to the rest of the country is because of a lack of priority on education. Almajiri children are potential recruits to terrorist activities”, he bemoaned.

Moghalu expressed dissatisfaction on government’s allocation of just 5.6% of Nigeria’s 2021 budget of N13 trillion to education while stressing on the need to bring in more funding from the private sector, philanthropic endowments, earnings from innovation, research and development, and consultancies, alumni fundraising, student loans etc. He added that increased funding must be targeted at necessary REFORMS of the system, not just providing money that will be siphoned away by corrupt politicians and civil servants.

In continuation, he said, “Education in Nigeria needs more effective regulation, and needs to address the core needs of Nigerian society which are economic transformation based on technology and industrial skills, job-creation, and political development”.
On his presidential ambition, Moghalu pledged to place education and healthcare on his priority focus as not less than 20% of the budget will go to education.

By Chimezie Nebolisa

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