The Vice-Chancellor of the Federal University of Technology, Akure, Ondo State, Prof. Joseph Fuwape, has identified inadequate funding as one of the major challenges facing the institution.
Speaking during the inauguration of the FUTA Alumni Trust Fund Board, held at the Senate Building of the institution, Fuwape lamented that the Federal Government allocation to the university had drastically reduced in recent times.
The vice-chancellor also disclosed that the institution had been surviving through the intervention of the Tertiary Education Trust Fund.
He said, “We have changed the financial landscape of the university. The government allocation has drastically reduced. That is what we met on ground. For instance in June 2018, we had a shortfall of N1.2bn
“However, we have been enjoying the intervention of TETFUND. Also we established a farm to produce agricultural products for commercial purposes and to raise our Internally Generated Revenue.”
In his address, the President of the alumni association, Mr. Olaitan Adesomoju, disclosed that the association planned to raise the sum of N1bn annually for the university.
According to him, the institution’s quest for research works needed to be properly funded, hence the intervention of the association.
“The alumni association is ready to galvanise our resources both home and abroad, which is in tandem with our vision and aspiration for our Alma Mater.
“Our target is to raise N1bn every year. This will be used for infrastructural development and research endowment in the university,” Adesomoju stated.
In his remarks, the patron of the association and founder of the Afe Babalola University, Ado-Ekiti, Chief Afe Babalola, who was represented by Prof. Sylvester Ojo, urged all FUTA graduates gainfully employed to donate not less than 10 per cent of their income to the endowment fund of the alumni association.