KWASU now a debtor institution, says Pro-Chancellor
http://ift.tt/eA8V8J Alhaji Saidu Isa, Pro-Chancellor, Kwara State University (KWASU), has said that the university has assumed the status of a debtor institution following its recent financial constraints. Isa made the statement on Saturday in Malete, Ilorin, during the 5th convocation ceremony of the university. He said that the university had in the last two years, depended on its Internally Generated Revenue (IGR) to pay staff salaries and offset some recurrent expenditure. The Pro-Chancellor, who is also the Chairman of the university`s council, appealed to the state government to revert to status quo by giving monthly subvention to the university to augment its IGR. ”This is because our IGR has been overstretched beyond capacity and it is now difficult to pay salaries. ”The management, having found no alternative, has resorted to going cap-in-hand to borrow from banks in other to meet some obligations,’’ he said. Isa disclosed that the loans so far taken by management was ...