24Bn Result-Based Educational Funding Launched in Abuja

Nigeria World Bank Project

A 24 billion naira result-based educational funding program has been launched in Abuja, Friday with the aim of supporting "better schooling and earning prospects" for young people.

"Rather than financing the educational system to keep it running, this education project shifts the focus to what the system is actually doing for children, by linking financing to the achievement of agreed results," said Irajen Appasamy, World Bank Task Team Leader for the SEPIP project.

The project is designed to make a real difference in the lives of children so that their education and skills help them secure employment.

According to a release signed by Bamidele Oladokun: the project aims to provide a catalyst for demonstrating this approach with a view to scaling this up. "The project links financing to results achieved through better teacher deployment and school management. It aims to improve measurement of student learning in government primary and secondary schools in these states.

"The $150 million (24 billion naira) Nigeria State Education Program Investment Project (SEPIP) will serve over two million children in the three participating States of Anambra, Bauchi and Ekiti by improving the quality of their schooling."

It quoted the World Bank Country Nigeria Director, Marie-Francoise Marie-Nelly, as saying:

"Investing in people is an essential part of Nigeria's strategy to reduce poverty and achieve steady economic growth. I am delighted that we are supporting better schooling and earning prospects for millions of children and young people, while also cushioning some of the poorest families through a stronger social safety net system."

Financed by the World Bank's International Development Association (IDA), this credit, the release said, will support Nigeria's socio-economic development.

The credit is on standard IDA's term with service charge of 0.75 percent. The credit's period of maturity is 35 years including a 10-year period of grace.

The three States covered by SEPIP aim to raise the quality of education by improving teacher availability in rural areas, standardization of State-level testing in English and Math; making technical and vocational education more relevant to the needs of employers and entrepreneurs; and strengthening school-level management and accountability.