The Vice Chancellor of Bamidele Olumilua University of Education, Science and Technology, Ikere-Ekiti (BOUESTI), Prof. Olufemi Adeoluwa, has said the N275 million monthly subventions from Ekiti State Government were inadequate for the running of the institution.

He said due to the current economic reality in the country, BOUESTI needed N500 million to pay its workers, whose wage bill stood at N430 million monthly.

Prof. Adeoluwa spoke during a news briefing held at the university’s campus in Ikere-Ekiti to herald the maiden convocation of the institution.

He said the university had not received either capital or take-off grants from the state government for about five years of its existence, adding that it was left at the mercy of Tertiary Education Trust Fund (TETFund) for physical infrastructure.

The VC said the over N3 billion debt the university inherited from the defunct College of Education, including the workers gratuities, had been difficult to defray due to lack of financial resources.

He said honorary doctoral degrees would be conferred on Enugu State Governor Peter Mbah, the Ogoga of Ikere, Oba Adejimi Adu, the lawmaker representing Niger East Senatorial District, Sani Musa and the Chancellor of Ekiti State University, Ado-Ekiti (EKSU), Tunji Olowolafe.

Prof. Adeoluwa said the convocation slated for Saturday would be a milestone in the institution’s history since its establishment by the administration of former Governor Kayode Fayemi in 2020.

He said no fewer than 1,109 students would graduate at the convocation across five colleges, with 38 in First Class, 425 in Second Class Upper, 586 in Second Class Lower and 60 in Third Class.

According to him, former Nigeria’s Ambassador to Germany and Emeritus Professor of History, Prof. Akinjide Osuntokun, would deliver convocation lecture.

He said the university, since inception, had recorded achievements and attracted interventions, adding that it was ranked 26th by the Times Higher Education Ranking 2023.

The VC hailed Governor Biodun Oyebanji and the Chancellor, Chief Wole Olanipekun, for their commitment and support to the development of the university, saying increase in the subventions by the governor had helped the institution to fulfil its responsibilities.

He said: “Our institution has a rich history, founded on the principles of academic excellence, innovation and community service. Our mission is to generate, disseminate, advance knowledge and groom students in education, science and technology, with the aim of bringing this knowledge to finding solutions to the major challenges facing our immediate society and the world’s challenges in the 21st century.

“As we stand on the threshold of this momentous occasion, I am filled with a sense of pride, gratitude and hope. Pride in the achievement of our students, gratitude for the support of our partners.

“We reaffirm our commitment to academic excellence, innovation and community service. We pledge to continue providing world-class education that empowers our students to become leaders and responsible citizens.”