The Central Bank of Nigeria (CBN) embarked on an orientation drive on Thursday, March 28, 2019, to educate school children on the need to adopt a saving mentality. This will enable them to create livelihoods and become entrepreneurs.
The CBN’s Deputy Governor for Financial System Stability, Mrs Aisha Ahmad, led some CBN directors to schools located in some areas of the Federal Capital Territory, Abuja. Some of the schools visited include: the Government Secondary School, Wuse Zone 3, and the Staff Community Secondary School, Asokoro.
Mrs Ahmed used the occasion to advise students to learn about capital management and financial literacy, in order to improve on their savings skills and learn to invest in their future.
Budgeting is the key to achieving these three suggestions: According to Ahmed, if the children can learn to budget their money, they will be able to use it wisely. Budgeting will help them control their finances.
“Budgeting is about choices. Choose what to save for the future, what to spend now and what to spend on. Needs first, wants later.” -Ahmad
Ahmed also educated the students on good and bad debt
Ahmed said in order for the economic growth to benefit everyone, there’s a need for every individual to be financially literate; including the children. She also advised the children to avoid bad debt by all means. No student should be indebted due to vacations, clothes, and eating expenses, she said.
“We are passionate about creating an economy that will benefit all Nigerians and to be able to do that everyone needs to be financially literate.
“They need to know the proper ways to earn money.
“My message to all children today is do the right things, study hard, try and understand yourself, who you are, what you like to do and see how you can use that to change the world.”