The Bayo and Bunmi Babalola Foundation (BBBF) on Thursday gave scholarships to 491 people in Kwara State during the seventh edition of the scholarship ceremony.
The beneficiaries comprise 69 pupils from Junior Secondary Schools (JS3); 69 Senior Secondary Schools (SS3); 188 students from tertiary institutions and 165 others.
BBBF, a non-governmental organisation, was founded by Pastor Engineer Sunday Adebayo Babalola and his wife, Pastor Bunmi Babalola.
Engineer Sunday Adebayo in his address at the event which took place at Omu Aran High School, Omu Aran, Irepodun Local Government of Kwara State, said the scholarship is one of the human capital development strategies of the NGO so as to advance Nigeria and help humanity.
He lamented the deficit budgeting of Nigeria for many years and the high debt profile of the country adding that the trends should be reversed.
Babalola said, “It is with immense joy that I express my gratitude to God, the Almighty, for keeping us alive till today. In this period of insecurity, hardship, and hunger, many people have been sent to their untimely graves. So, for us, who are alive, it is not by our might, power or ability but by the grace of the Almighty God and we remain eternally grateful to Him for preserving our lives.
“About a year ago, a bosom friend, the Eesa of Omu Aran, High Chief Jide Adebayo, was called to glory. He was a great adviser, counsellor, and motivator. We miss him so much. During the 2021/2022 scholarship program, he contributed immensely. We pray that the good Lord continue to keep his family and the things he cared about that he left behind. We came with nothing; we shall go with nothing. We dedicate this 2022/2023 edition of the Bayo and Bunmi Babalola Foundation (BBBF) scholarship program to our late friend, brother and compatriot.
Above all, we dedicate this session’s award to the Almighty Father, the God of all grace and glory, the Father of light, Who has qualified and made us fit to share the portion of what He gave us.
“May we observe some minutes of silence for the departed!
“We are grateful to all the people who have been organizing the scholarship events from their inception to date. Your contributions have greatly helped in the success achieved by the BBF. We also appreciate those who have recently joined the team because of the expansion. May God continue to bless you all. You are all as important as the founders and financiers of the foundation. Your organizational skills are superlative and commendable. Your contributions have greatly helped in the successes achieved by this foundation.
“The last edition of this scholarship ceremony was held on October 12, 2021.
“491 pupils, students and others, are beneficiaries of this year’s scholarship of our foundation. The beneficiaries comprise 69 pupils from Junior Secondary Schools (JS3); 69 Senior Secondary Schools (SS3); 188 students from tertiary institutions and 165 others.
“In the past, the foundation gave scholarships to a total of 1,362 beneficiaries comprising 681 pupils from primary and secondary schools and 681 students from tertiary institutions. With today’s event, there are a total of 1,853 beneficiaries consisting of 819 pupils from primary schools .and secondary schools; .869 students from tertiary institutions and 165 others have benefitted from our scholarship scheme.
“We are excited with the testimonies we hear from and the progress of the pupils and students who are our beneficiaries. We are also grateful to God for them and urge them to keep the good flag flying. They must continue to be studious, diligent, hardworking and above all God fearing. They must continue to be good ambassadors of their families, schools and communities as well as this foundation.
“We are immensely grateful to God, the Great Provider, who has been providing the resources for the actualisation of this laudable programme.
“We have made this humungous investment, not because we have all the money, but as our willingness to sacrifice and a show of commitment to the educational advancement of the younger generation. We believe in Luke 12:48 that “To whomsoever much is given, of him shall be much required.” We believe firmly that every child should have good education as education is the bedrock of societal growth and advancement. Education is instrumental to the emergence of outstanding professionals, business tycoons, local government, and state, national and world leaders. Without education, society, alas the world at large, will not only stagnate but retrogress. Crimes, poverty, sickness, insecurity and total darkness will overwhelm the world without education.”
He added, “A sad occurrence is that the Nigerian government’s deficit spending shot up to N3.09 trillion in the first quarter of 2022, an analysis of Nigeria’s 2022 fiscal performance report for the first quarter of the year has shown.
“The government on Thursday, July 21, released the performance report which showed that the pro rata spending target for the first quarter of the year was N5.77 trillion, while the actual spending as of April 31 was N4.72 trillion.
“On the other hand, as of April 2022, FGN’s retained revenue was only N1.63 trillion, 49% of the pro-rata target of N3.32 trillion, putting the deficit between actual spending and revenues at N3.09 trillion. It means the government likely borrowed to cover the deficit.
A breakdown of the actual spending showed that N1.94 trillion was for debt service, N1.26 trillion for personnel costs, including pensions, and as of April, N773.63 billion had been spent on capital expenditure.
“The government’s 2022 budget was projected to be N17.32 trillion, 18 per cent higher than the 2021 budget. Recurrent (non-debt) spending is estimated to amount to N6.91 trillion, which is 40 per cent of total expenditure, and 20 per cent higher than the 2021 Budget.
“What a wonderful national economic management strategy!!!
“In addition, according to a quarterly public debt portfolio report, released by the Debt Management Office (DMO); Nigeria’s total debt stock rose to N41.6 trillion in the first quarter of 2022, representing an N2.05 trillion increase compared to N39.56 trillion recorded as of December last year. In dollar terms, Nigeria’s debt stock rose to $100.1 billion.
Similarly, Nigeria’s debt-to-GDP ratio rose to 23.27% in the first quarter of the year, compared to 22.47% as of December 2022. While this is lower than the self-imposed limit of 40%, the rate is quickening faster, due to increased borrowing and tepid economic growth.
“Nigeria must retrace its steps from this type of financial and economic unsound management. Otherwise, the future of our children and generations yet unborn is being mortgaged.”