By Precious Owolabi, Ado-Ekiti

The Vice Chancellor of Bamidele Olumilua University of Education, Science and Technology, Ikere-Ekiti (BOUESTI), Ekiti State, Prof. Olufemi Adeoluwa, has revealed that the institution is grappling with a debt burden of N3 billion.

Speaking at a press conference ahead of the university’s maiden convocation ceremony, Prof. Adeoluwa disclosed that BOUESTI requires N500 million monthly to operate effectively, with staff salaries alone accounting for N430 million.

During the convocation, a total of 1,109 students will graduate after completing a four-year course. Among them, 38 students will receive First-Class honors, 425 will graduate with Second-Class Upper, 586 with Second-Class Lower, and 60 with Third-Class degrees.

Prof. Adeoluwa noted that BOUESTI was established on October 16, 2020, by former Governor Kayode Fayemi through Law No. 22 of 2020 (later amended by Law No. 23 of 2020).

It was officially recognized by the National Universities Commission (NUC) as Nigeria’s 171st university and the 47th state-owned university.

“The university started with 2,400 pioneer students enrolled in 45 programs. Today, our student population has grown to over 18,000,” he stated.

The convocation events will conclude on Saturday with the award of degrees and the conferment of honorary doctorate degrees. Notable recipients include the Ogoga of Ikere-Ekiti, Oba Adejimi Adu; Enugu State Governor, Barrister Peter U. Mbah; Senator Sani M. Musa; and Dr. Tunji Olowolafe, Pro-Chancellor of Ekiti State University (EKSU). The convocation lecture will be delivered by Emeritus Professor of History, Prof. Akinjide Osuntokun.

Despite its progress, Prof. Adeoluwa highlighted several challenges facing the university, including inadequate funding, dilapidated buildings in need of urgent repairs, and the lack of capital or take-off grants from the state government.

He noted that BOUESTI relies heavily on TETFund for infrastructural development.

However, he commended the university’s Chancellor, Chief Wole Olanipekun (SAN), for his commitment to the institution, including the donation of the state-of-the-art Wole Olanipekun Senate Building.

He also appreciated Ekiti State Governor, Mr. Biodun Oyebanji, for increasing the university’s monthly subvention by N100 million and supporting various interventions.

The Vice Chancellor encouraged students to register for the Nigeria Education Loan Fund (NELFUND), noting that while over 13,000 students applied, only about 500 have completed their registration for the loan scheme.