Education Financing: Owolabi Salis Seeks EDUBOND System

A legal practitioner and chartered accountant, Chief Owolabi Salis, has advocated for the adoption of EDUBONDS system in financing tertiary education in Nigeria. The US-based lawyer, who in 2019, contested for governorship in Lagos State, under the platform of the Alliance For Democracy, made this known in a statement on Wednesday. The statement said: “EDUBONDS […]

A legal practitioner and chartered accountant, Chief Owolabi Salis, has advocated for the adoption of EDUBONDS system in financing tertiary education in Nigeria.

The US-based lawyer, who in 2019, contested for governorship in Lagos State, under the platform of the Alliance For Democracy, made this known in a statement on Wednesday.

The statement said: “EDUBONDS system is a fiscal policy (design and laws) for financing education and retaining the educated citizens in the system to help develop the nation. EDUFIN is an equity concept of making sure education reaches everybody, including the underprivileged.

“It is a creative design of a highly efficient and effective financial mechanism which draws resources from diverse sources to enhance the educational capacity of the citizens.

“It is designed for the rich and poor,and focused on three operational key words: ‘Wish,Capacity and Access'(WCA) which entails that a student who wishes to be educated in a particular field, and possesses the capacity to undergo the desired field of study should have access to funds”.

Salis also suggested the utilisation of EMERFUND/FIREFIN as the most effective option to help in Financing Emergency Operations.

According to him, “EMERFUND is a fiscal policy (design and laws) for financing emergency operations, for example, Fire, Medical, and Police Services. This is a simple fiscal policy arrangement involving identifying operations and transactions requiring or that may require emergency attention.

“This is called a C-B approach or ‘taxing the contemplation’. Over 50 operations and transactions will be identified, and elastic fiscal policy will be built around the transactions and operations.

“The operation of the emergency services will be ‘enterprised’ against the elastic collections for efficiency.”