Private schools’ operators in Abuja are calling for single digit interest rate loan for the improvement of education in the country.
The school said that the lending rate of between 25 and 30 percent is not feasible.
Speaking at the 2019 graduation and prize-giving day ceremony of Ladela Schools, Abuja, with theme ‘Reaching the Stars’ at the weekend, the proprietress, Mrs Angela Ajala, said no school can survive on the current loan rate, adding that most schools charged high fees to settle bank loans.
“The most critical ingredient of education is access to finance because it is money we use to do a lot of things and as much as we want to benefit from TETFUND, even though that seems impossible, we are saying that education be considered a critical aspect of everything because without it no other sector can survive.”
She said schools also needed constant power supply, explaining that some were beginning to explore solar and other forms of power.