By Demola Akinyemi
ILORIN – In view of the dwindled financial allocations in the state, Kwara state government has cut the age long annual subvention to Kwara state polytechnic, Ilorin and College of Health Technology Offa, while it released a slashed N430,388,359.24 to the remaining seven others,with a promise to pay the balance of N86,996,421.7 by the end of August.
The State Commissioner for Finance, Alhaji Demola Banu, who disclosed this in a statement on Sunday, explained that the government had reviewed the subventions accruing to the institutions by deploying mechanisms to block loopholes and wastage in the system.
Banu also clarified in the statement that the decision to stop annual subvention to the two institutions was because findings revealed that their IGR could conveniently meet their financial needs towards the smooth running of the two institutions.
The commissioner said that institutions still enjoying government subventions include the Kwara State University (KWASU); Kwara State Colleges of Education in Ilorin, Oro and Lafiagi; Kwara State College of Arabic & Islamic Legal Studies; Kwara State College of Nursing, Oke-Ode; and the Kwara State School of Nursing and Midwifery, Ilorin.
He asserted that the dwindled financial allocations to the state and the need to cut excesses prompted the State government to stop and cut the annual subventions that were hitherto being collected by the institutions.
The Commissioner called on the management of all the state-owned institutions to be more innovative and resourceful in generating revenue for their schools, adding that the situation where government’s subventions are spent only on recurrent expenditure was not sustainable.
He also said that school authorities should be prudent in the utilisation of financial resources in order to make their institutions gain some degree of financial autonomy.