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While it is a generally held view that education is grossly underfunded in Nigeria, the coronavirus pandemic appears to have taken a huge toll on the sector, with public federal and state universities currently struggling to survive.
Segun Awofadeji
Gombe State Governor, Muhammadu Yahaya has challenged the Governing Council of the College of Education, Billiri to come up with realistic ideas that would assist the government in addressing the challenges confronting the institution, for better service delivery.
The governor said this when he received members of the council, led by its Chairman, Dr. Usman Maijama’a Kallamu at the Government House recently.
He commended the council and management of the college for their hard work, commitment and dedication to duty which led to the enlistment of the institution into the Tertiary Education Trust Fund (TETFund) intervention programme within three years.
Moving the motion,
Olalekan said that capital flight has been one of the unresolved and persistent macroeconomic problems plaguing the nation for over four decades.
“Ironically, Nigeria is ranked among the highest producers of crude oil in the world and earns a huge amount of foreign exchange from its exports but still falls short of capital to develop, maintain and upgrade its infrastructure,” he said. He said that the country’s under development was due to high capital flight compared to accumulated domestic investments.
“The United Nations Conference on Trade and Development estimated that about 88.6billion dollars per year leaves the continent through money laundry, tax evasion, diverted revenues, offshore investments and other forms of capital flights, with Nigeria accounting for an estimated 46 per cent of the total capital flight or 40.7billion dollars per year.
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The House of Representatives, on Tuesday, urged the Federal Government to develop an effective mechanism and strategy to prevent the persistent occurrence and address the menace of capital flight to the tune of $40.7 billion.
The resolution was passed sequel to the adoption of a motion sponsored by Hon Afolabi Olalekan, who expressed displeasure over the United Nations Conference on Trade and Development report that about $88.6 billion per year leave African continent through money laundering, tax evasion, diverted revenues, offshore investments and other forms of capital flights, with Nigeria accounting for an estimated 46 per cent of the total capital flight or $40.7 billion per year.