EXPLORING WAQF (FOUNDATIONS) AS INNOVATIVE FUNDING STRATEGY FOR PRIMARY EDUCATION IN NIGERIA

Abstract

Financing primary education for sustainable educational development is a huge financial burden on relevant stakeholders that requires a substantial number of resources to be realized. The economic challenges individuals, corporate bodies as well as governments at all levels and indeed are facing coupled with too many competing demands necessitated a drop in the allocation for education annually. However, because of the importance of primary education as a foundation for successive education as well as in individual and national development, the funding of this critical stage in the education sector should not be allowed to suffer financial setbacks. Hence, there is a need for pragmatic and innovative financing options for sustainable educational development. This paper aims to explore the nature of Waqf as a shari'ah-compliant source of raising funds for public utilities. Some of the reasons why exploring this window is important include providing a legitimate source of funds, cultural preservation, and achievement of better results among others. The paper concluded that relevant stakeholders should explore more funding opportunities to generate legitimate sources of funds to block the funding gap in primary education financing. The paper recommends the following among others that Governments at all levels should embrace more funding sources like Waqf just like sukuk bonds in the financing of critical infrastructure in the country, School administrators and managers should consider this option of waqf as a component of their IGR structure to harness more resources for education.