The Benue State Government has introduced the School Improvement Loans (SIL) scheme to help private school owners meet the minimum education standards set by the state.
The initiative, launched on Wednesday in Makurdi by the Director-General of the Bureau for Education Quality Assurance (BEQA), Dr. Terna Francis, is a collaboration with NOVUS Microfinance Bank.
Dr. Francis explained that the program was initiated following an inspection by BEQA, which revealed that many private schools in the state were in deplorable condition and fell short of the state’s education standards.
“This is Governor Hyacinth Alia’s modest support to proprietors to enhance the quality of education in Benue,” Dr. Francis said. He added that the loans are offered at minimal interest rates to not only improve education but also stimulate the local economy.
Highlighting the governor’s commitment to private education, Francis noted, “This package is exclusively for private school owners. The governor wants quality education in Benue and has provided this window for proprietors to access low-interest loans to upgrade their schools to meet required standards.”
Loan Details and Conditions
Patricia Goja, the Managing Director of NOVUS Microfinance Bank, outlined the loan conditions during the event.
She said the loans, ranging from ₦500,000 to ₦10 million, would be offered at a three percent interest rate, depending on the applicant’s repayment capacity.
Applicants are required to:
- Deposit 10 percent equity.
- Submit six months of school account statements.
- Provide a letter of consent from BEQA.
- Offer movable assets as collateral.
- Be at least 25 years old with a good credit standing.
Reactions from Stakeholders
The State Chairman of the National Association of Proprietors of Private Schools (NAPPS), Sunday Ojo, welcomed the initiative and assured the government of the association’s commitment to ensuring timely repayment of the loans by its members.
“This is a welcome development, and we will vouch for our members at all times,” Ojo stated.
The SIL scheme is expected to significantly improve the quality of private education in Benue State while fostering economic growth through the empowerment of private school proprietors.