In a classic case of ‘money no dey,’ the Vice Chancellor of Bamidele Olumilua University of Education, Science and Technology, Ikere-Ekiti (BOUESTI), Professor Olufemi Adeoluwa, has thrown a spotlight on the financial hurdles facing the institution. The N275 million monthly subvention from the Ekiti State Government, he revealed, is not cutting it. The university needs a cool N500 million just to pay its workers, whose wage bill alone sits at a hefty N430 million per month.
Speaking at a news briefing at the university’s campus to herald the institution’s maiden convocation, Professor Adeoluwa didn’t mince words. “We are operating on fumes here,” he joked, before diving into the real challenges. The situation, he explained, is exacerbated by the fact that BOUESTI has not received capital or take-off grants from the state government since its establishment about five years ago. Instead, the institution has had to rely on the Tertiary Education Trust Fund (TETFund) to keep its infrastructure standing.
Adding salt to injury, the university inherited a debt of over N3 billion from the defunct College of Education, including unpaid gratuities. “Imagine moving into a new house only to find out the previous tenant left a mountain of debt,” he quipped. With scarce financial resources, clearing these debts has become a near-impossible task for the administration.
Despite the financial strain, BOUESTI is pulling out all the stops for its first-ever convocation. Professor Adeoluwa announced that honorary doctoral degrees would be conferred on notable figures, including Enugu State Governor Peter Mbah, the Ogoga of Ikere, Oba Adejimi Adu, Senator Sani Musa, and the Chancellor of Ekiti State University, Tunji Olowolafe. The event, slated for Saturday, is a significant milestone for the university since its inception in 2020 under former Governor Kayode Fayemi.
The Vice Chancellor also disclosed that 1,109 students across five colleges would graduate during the convocation. These include 38 First Class graduates, 425 Second Class Upper, 586 Second Class Lower, and 60 in Third Class. “Our students have performed exceptionally well, and we are proud of every single one of them,” he said.
The convocation lecture will be delivered by Emeritus Professor of History and former Nigerian Ambassador to Germany, Professor Akinjide Osuntokun. “We are honored to have someone of his caliber sharing insights that will undoubtedly inspire our students and faculty,” Professor Adeoluwa noted.
Despite the university’s financial struggles, it has managed to attract interventions and notch up achievements, including being ranked 26th by the Times Higher Education Ranking 2023. “For a young university, that’s like hitting a home run in our first inning,” the VC quipped, adding a lighthearted note to the otherwise serious financial discourse.
Professor Adeoluwa did not hold back in praising Governor Biodun Oyebanji and the Chancellor, Chief Wole Olanipekun, for their unwavering support. The governor’s increase in subventions has been a lifeline, helping the institution meet its obligations. However, the VC’s subtle message was clear: BOUESTI still needs more substantial financial backing to maintain and exceed its current standards.
“We are on a mission to generate, disseminate, and advance knowledge that addresses societal challenges, both locally and globally,” he said. He reaffirmed the institution’s commitment to academic excellence, innovation, and community service, promising to continue providing a world-class education that molds students into responsible citizens and future leaders.
The Vice Chancellor’s revelations serve as both a wake-up call and a rallying cry for increased investment in education. While the long-term effects of his candor remain uncertain, BOUESTI is taking proactive steps to position itself for the future, regardless of the financial challenges ahead.
