Benue Launches Loan Scheme for Private School Owners
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Loading... - Debby Folorunsho
- 15 Jan 2025
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The Benue State Government has officially launched the School Improvement Loans (SIL) scheme aimed at supporting private school owners in meeting the educational standards set by the state. The initiative was unveiled by Dr. Terna Francis, the Director-General of the Bureau for Education Quality Assurance (BEQA), during a launch event in Makurdi on Wednesday.
Dr. Francis explained that the scheme was developed in partnership with NOVUS Microfinance Bank and was prompted by inspections that revealed many private schools in the state were in deplorable conditions and did not meet the minimum educational standards established by the government.
“This loan scheme is part of Governor Hyacinth Alia’s modest support to proprietors to enhance the quality of education in the state,” he stated. The loans are designed to be offered at the lowest interest rates, not only to elevate educational standards but also to stimulate the state’s economy.
“When we started this work, you asked what the government was going to do to support the private sector to strive. This is the governor’s package for you. This package is exclusively for private school owners because the governor is committed to ensuring quality education in Benue,” Dr. Francis added. He emphasized that the scheme provides a vital opportunity for school proprietors to access loans at very low interest rates, enabling them to upgrade their facilities and meet the required standards.
Patricia Goja, the Managing Director of NOVUS Microfinance Bank, elaborated on the details of the SIL scheme, stating that loans would be available at a competitive interest rate of three percent. The loan amounts will range from N500,000 to N10 million, depending on the repayment capacity of the school proprietors.
Goja outlined the application process, which requires applicants to deposit 10 percent equity and submit six months of school account statements for verification. Additionally, schools must provide a letter of consent from BEQA and collateral in the form of movable assets to access the loans. She also noted that applicants must be at least 25 years old and in good credit standing.
Sunday Ojo, the State Chairman of the National Association of Proprietors of Private Schools (NAPPS), welcomed the initiative and assured that his members would honor their loan repayments. “The association will vouch for its members at all times,” Ojo stated, expressing confidence in the commitment of private school owners to improve educational standards in Benue.
The launch of the School Improvement Loans scheme represents a significant step by the Benue State Government to enhance the quality of education in private institutions and support the growth of the educational sector in the state.
