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UI to Adopt Alternative Funding, to Reduce Dependency on Government

As the nation’s premier university, the University of Ibadan begins the official programme to celebrate the 70th anniversary; the management on Saturday said arrangements have been concluded to adopting a culture of two-pronged revenue generation drive.

The management said the strategy was to reduce the institutions dependency on government funding and also achieve prudent management of available resources.

Vice Chancellor of the Institution, Prof Idowu Olayinka made the disclosure while addressing an International Press Conference to herald the activities lined up for the celebration.

The activities which officially begins on October 5th with a lecture would run through to November 17, 2018.

Prof Olayinka who noted that the 70-year-old would need as much as N30billion annually to achieve its goal of attaining world class standard however said, the institution is already restrategising to open up diverse streams of income to complement what it gets from the Federal Government.

He also stated that the institution’s council has approved the conversion of its Post Graduate School to Post Graduate College, saying, “with this development, the college will now be headed by a provost who will be assisted by two deputy provosts and two registrars.”

Olayinka said, “We are exploring ways that UI can make itself less dependent on government funding. We are adopting a two-pronged approach involving a resource mobilization plan and prudent management of the available resources.

“Elements of these include a regular income from commercial and increasing the endowment fund, research grants and the strategic funds that UI has available to use as it deems fit, to direct our course through these troubles and difficult times and beyond.

“In particular, we are partnering with industry, government and other stakeholders; strengthen our Consultancy services, encourage grantsmanship, mobilize funds from willing individuals and organisations including alumni, friends and the general public, consolidate the business established by the University such as UI Microfinance bank, UI ventures, UI water, Animal Production Venture, Fisheries and Aquaculture, Sawmilling which also provide training in entrepreneurship for  students.

“The UI publishing House, UI endowment fund and the UI bookshop will be re-organised to operate optimally with definite targets. We encourage departments to engage in business sprinted consultancies and support collaboration with industry.

“Following approval by the Council of the University, a holding company Platinum UI Commercial Enterprises limited is being registered with the Corporate Affairs Commission under which umbrella all the commercial-oriented outfits in the university will operate.

“For us to be a world class university, we need to invest heavily in physical and infrastructural facilities, to address the acute shortage of office spaces for staff, classrooms and laboratories.

“Presently the institution’s subvention is about N13b, which is a far cry from what is needed to maintain the institution. Out of this N13b, salaries are paid, electricity bills which run to millions of naira is paid, water and healthcare are provided among other things.

“If the premier university is properly funded, within a shortest possible time, it would be among the top five in Africa and top 100 in the world.”

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