The chairman of the Yobe State Education Trust Fund (YETFund) Alhaji Mohammed Abubakar said the fund was able to intervene in 21 different schools with boreholes, furniture and toilets facilities among others with tempering with actual amount of N1.5 billion realised during the fundraising on the development of education in state.
The chairman stated this while speaking to journalists shortly after inspecting the interventions made by the fund in the 21 schools across the three senatorial districts of the state.
Abubakar said YETFund has immediately after getting the amount realized during the fundraise decided to invest it with the Central Bank of Nigeria (CBN) for treasury bills and embarked on the interventions with the proceeds of the investment at the apex bank.
He said, “The Yobe State Education Trustfund was established to be the custodian of the funds with a view to investing and generating additional funds that will be channeled into the education sector.
“So we used the donations realised during the fundraiser, invested it and used the proceeds of the investments to carry out the work we want to do. So typically, we invested N1.5b and we got a yield from the treasury bills of certain amount of money and then we target that money into the things we are doing now such as getting furnitures for the female Junior Secondary schools, Boreholes, toilets facilities and to some certain extent, rehabilitation of some schools that could rehabilitate.
“So the money is actually from the yield of the investment of the principal.
The principal amount is still intact , the yield is what we invest, for example we invested for up to November last year and it will mature this November, so when it mature, we now roll it again into the CBN for yield upfront and we go into the third face of our interventions,” the chairman said.
Abubakar said the fund has in the course of awarding projects for the interventions across all the state, prioritise professionalism on whom to entrust with the responsibility of carrying out any works adding that for water supply, they enter into partnership with the Yobe State Water Board while for the furniture it was the Federal Polytechnic Damaturu.