By: BAYO AKAMO, Ibadan
The Vice Chancellor, University of Ibadan, Professor Idowu Olayinka has identified under-funding as a major impediment affecting the university in meeting its core academic activities.
Professor Olayinka who stated this in his address to the Congregation of the University held at the Senate Chambers declared that it was the under-funding that made the university take a painful decision of recent increase in some levies payable by students.
Professor Olayinka lamented that the dwindling financial fortune from the federal government has made it difficult to recruit full number of staff required for the University’s core academic activities due to financial implication it will have on the Institution.
“Since my assumption of office as Vice Chancellor two and a half years ago, the major challenge I have had to face is that of funding. The University Management has been managing the limited resources available to the University, and has had to make some painful but important decisions such as the recent increase in some levies paid by students,” he said..
Professor Olayinka added, “needless to say, some of our core academic activities have also been affected by the dwindling financial fortune of the University. We have not been able to recruit the full number of staff that we require, and that is also why the staff conversion process started more than a year ago has not been finalized. The shortfalls in salaries experienced in 2016 and 2017, which were later paid by the government, have again resurfaced”
Stressing that while the university spends over N80million monthly on payment of electricity bills, purchase of diesel, water, cleaning, office expenses, repairs and maintenance, running of offices, among several others, he said the amount received from the federal government is about N8million monthly forcing the university to select four of these services which affects its core activities and that the policy of Treasury Single Account has affected the internally generated revenue of the institution which formally accrued to it from fixed deposits.
Professor Olayinka noted that the University’s aims to improve on the Times Higher Education Ranking from 801 category to around 250 category called for increased funding of the university in order to be able to maintain its premier role in education.
“The University experienced a shortfall of about N9million in the May 2018 personnel release. The University is worse hit in the area of overhead grant. The amount released has been decreasing since 2013, yet the University operations have kept expanding. For the information of congregation, overhead grant is expected to take care of all University operations including payment of electricity bills, purchase of diesel, water, cleaning, office expenses, repairs and maintenance, running of offices, among several others. The analysis of the amount received in 2017 shows that the University had about N8million a month to spend on the services mentioned above, when in real terms, the University spends over N80 million monthly to run its operations.”