Alhaji Saidu Isa, Pro-Chancellor, Kwara State University (KWASU), has said that the university has assumed the status of a debtor institution following its recent financial constraints.
Isa made the statement on Saturday in Malete, Ilorin, during the 5th convocation ceremony of the university.
He said that the university had in the last two years, depended on its Internally Generated Revenue (IGR) to pay staff salaries and offset some recurrent expenditure.
The Pro-Chancellor, who is also the Chairman of the university`s council, appealed to the state government to revert to status quo by giving monthly subvention to the university to augment its IGR.
”This is because our IGR has been overstretched beyond capacity and it is now difficult to pay salaries.
”The management, having found no alternative, has resorted to going cap-in-hand to borrow from banks in other to meet some obligations,’’ he said.
Isa disclosed that the loans so far taken by management was close to one billion naira and was essentially used to pay salaries.
He said there were some critical teaching and research related facilities that were lacking in the university but could not be provided due to funding difficulties.
In his remarks, the Vice Chancellor, Prof. Abdulrasheed Na’Allah, while corroborating Isa’s submission on financial constraints, said that payment of staff salaries had become a luxury rather than a right.
He appealed to individuals, philanthropists and business organisations to support the university through donations to alleviate its financial constraint.
”Overcoming these challenges is critical to the attainment of our envisioned loftier heights and will serve as catalyst for the growth and development of our dear community, state and the country,” he said.
The VC advised the grandaunts to distinguish themselves by building on the entrepreneurial skills acquired during their course of study in the university.
”As a KWASU graduate, you have no business giving your CV’s to families, friends and organisations in search of a job.
”Through the entrepreneurial skills you have acquired, strategically position yourself in the business world through branding and quest for business excellence.
”And do not forget the spirit of community service already instilled in you,” Na’Allah stressed.
In his remark, Gov. Abdulfatah Ahmed represented by the Commissioner for Education, Musa Yeketi, reiterated his administration’s commitment to harness the full potentials in agriculture to unlock desired development.
The governor challenged the academia to deploy its researches towards designing required machines to process raw materials that were being wasted yearly into finished products.
The News Agency of Nigeria (NAN) reports that a total of 989 students graduated from six colleges.
Thirty-one of them had First Class, 496 Second Class Upper Division, 376 Second Class Lower Division while 84 had Third Class.
Adeniyi Aderounmu was the best graduating student with a CPGA of 3.90. (NAN)