The Oyo State Government on Tuesday approved the sum of N500m capital grant for the newly renamed state-owned institution, Abiola Ajimobi Technical University, Ibadan.
The Oyo State government in May renamed the First Technical University after a former governor of the state.
While passing the bill of the institution into law at the Oyo State House of Assembly, the chairman of the committee on tertiary institutions, Oluwafemi Fowokanmi, noted that the institution is being financed from the scholarship payments by the local governments in the state and its internally generated revenue.
He added that the state-owned tertiary institutions will have access to subvention like every other institution in the state.
Subsequently, the state government on Tuesday disclosed that the grant is to aid the accreditation of courses for the 2024/2025 academic session by the National Universities Commission (NUC).
This was disclosedtthrough the Commissioner for Education, Science and Technology, Prof. Saliu Adelabu, during the weekly state executive council meeting.
Adelabu said the grant would equally enhance the commencement of Nursing and Science Laboratory; two new programmes in the coming session.
He also disclosed the approval of over N900m as a counterpart fund to boost the development of education in partnership with the World Bank.
According to him, the World Bank had earlier donated N1bn to the state through the Better Education Service Delivery for All (BESDA).
He explained that the funding was aimed at boosting education by eradicating out-of-school children, upgrading infrastructure and renovating school structures.
Also, the Commissioner for Information and Civil Orientation, Dotun Oyelade, said the council also approved N850m as investments in the Oyo Sugarcane Processors Limited, Iseyin, through the state-owned Pacesetter Holdings Limited.
According to Oyelade, the sugar plant, which is currently valued at N4.9 billion, is at 90 per cent completion and is expected to start operation in 2025.
“By investing in the project, the state’s economy will be stimulated with the injection of 3,000 direct and indirect job opportunities,” he said.