Correct Option: C. Through loans from the school’s cooperative society Detailed Explanation: In the context of the story "The Lekki Headmaster," the principal explains that the source of the money used by the staff to buy cars comes from loans taken from the school’s cooperative society. This explanation is significant for several reasons:

1. Understanding Cooperative Societies: A cooperative society is an organization owned and operated by a group of individuals for their mutual benefit. In many educational institutions, cooperative societies are formed to provide financial assistance to staff members. They often offer loans at lower interest rates compared to traditional banks, making them an attractive option for teachers and staff looking to make significant purchases, such as cars.
2. Financial Planning: The principal’s mention of loans from the cooperative society indicates that the staff members are engaging in financial planning. By utilizing loans, they can afford to make large purchases without depleting their savings or selling personal assets. This approach allows them to manage their finances more effectively, as they can repay the loans over time while still maintaining their savings for other needs.
3. Community Support: The cooperative society represents a community support system within the school. It fosters a sense of solidarity among staff members, as they contribute to and benefit from the same financial pool. This mutual support can enhance morale and create a more cohesive working environment.
4. Accessibility of Funds: Loans from the cooperative society are typically more accessible than loans from banks. Staff members may find it easier to qualify for these loans due to their established relationship with the cooperative and the understanding of their financial situations. This accessibility is crucial for teachers who may not have substantial savings or who may face challenges in obtaining loans from traditional financial institutions.

Why Other Options Are Incorrect:

• A. Through their personal savings: While personal savings can be a source of funds for purchasing cars, it is less likely that all staff members would have sufficient savings to buy cars outright. The context suggests that the staff relied on loans, which indicates that they may not have had enough savings to cover such a significant expense.
• B. By selling personal assets: Selling personal assets is another way to raise funds, but it is generally not a preferred method for making large purchases like cars. This option implies a level of financial distress or urgency that is not indicated in the story. The cooperative society loans provide a more sustainable and less drastic solution.
• D. Through external funding: External funding typically refers to financial support from outside sources, such as grants or donations. In the context of the story, there is no indication that the staff received external funding for their car purchases. The cooperative society is an internal resource, making it a more plausible source of funds.

Summary for Revision:

• The correct answer is C: Loans from the school’s cooperative society.
• Cooperative societies provide financial assistance to members, often at lower interest rates.
• Using loans allows staff to manage finances better without depleting savings or selling assets.
• The cooperative fosters community support and enhances staff morale within the school environment.