OOU receives over ₦5bn from tuition, grants, orts 10 months

OOU receives over ₦5bn from tuition, grants, orts 10 months

The Olabisi Onabanjo University (OOU), Ago Iwoye, says it has received a total of ₦5.072bn, which included a total of ₦4.110bn from the internally generated revenue covering over ₦2.663bn from school tuition and examination fees between and October, 2021 representing 64.2% of its target for the year.

Prof. Deji Agboola, the institution’s Deputy Vice Chancellor Academics, disclosed this while defending the 2022 budget proposal of the university before members of Ogun House of Assembly Committee on Finance and Appropriation led by Hon. Olakunle Sobukanla, at the Assembly Complex, Oke-Mosan, Abeokuta.

Agboola added that the sum of ₦686m was received from domestic grants from the State government, ₦276m grants from Federal government through TETFUND, while over ₦369m was realised from the payment of acceptance fees amongst others.

He noted that the revenue were generated from other sources including the school tuition and examination fees, hospital service charges, administrative fees, transcripts, acceptance fees, sales of ID card and sales of bills of entries among others.

The Deputy Vice Chancellor stated that the institution had proposed to generate the sum of ₦6.079bn as internally generated revenue in 2022 for the period.

He added that the school had earmarked _4.7bn as recurrent expenditure in the next fiscal year, while capital expenditure would gulp ₦305million with total expenditure going for ₦5.030billion.

Agboola added that the institution was commiting 40% of its capital expenditure to the improvement in the physical infrastructure by the first half of 2022; promising to achieve at least 95 % of the budget by the end of the next fiscal year.