Joint Admissions and Matriculation Board (JAMB), the board responsible for conducting higher institutions’ entrance exams and regulating admission, has remitted N2 billion as its interim surplus for the 2023 operating year.
According to Fabian Benjamin, JAMB spokesman, the examination body has remitted over N55 billion into the federal government coffers.
This amount was realised under the leadership of JAMB registrar, Professor Ishaq Oloyede, Mr Benjamin disclosed at the end of the board’s management committee meeting on Thursday.
Mr Benjamin announced that the board had again remitted N2 billion as its interim surplus for the 2023 operating year, saying more would be remitted as its operations for the years were completed.
He said this was in furtherance of the pledge by the Oloyede-led management, on assumption of duty to leverage on technology and discipline to manage the affairs of the board.
“Since assuming office Prof. Oloyede-led management has remitted over N55 billion to the Federal Government coffers.
“This is far above the less than the N60 million remitted by the board in the 38 years of its existence prior to the appointment of Prof. Oloyede.
“On assumption of office of the current registrar, he had come up with a policy which holds that whatever would be done, must be on the table.
“This has changed the narratives such that JAMB now posts humongous returns to the Consolidated Revenue Fund (CRF).
“These returns were bolstered by the board’s expanded internal capacities for its operations achieved through direct execution of its processes and procedures, which instantly resulted in, for instance, a savings of N1.2 billion being paid annually to a service provider.
“It also reflects a downward review of the N1.2 billion being annually paid to another to about N400 million with the same old service provider. This in addition to the recovery of over N1.2 billion in both cash and estates in choice areas of Abuja in 2016,” he said.
Mr Benjamin added that the steps had ensured that the board, which had remitted cumulatively in its 40 years of existence about N55 million to the national treasury, rendered N7.8 billion in the first year of the assumption of office of Mr Oloyede.
He said it had also contributed over N27 billion directly into the national treasury.
The remitted amount is without prejudice to the 30 per cent reduction in its application fee (N10.8 billion in four years since the reduction), he noted.
“Capital Fund (N11 billion including N6 billion, which is yet to be committed), Annual Awards/Grants to tertiary institutions for Capital Projects (N1 billion) and Special Staff Welfare Scheme (N2 billion). This would aggregate the cumulative surplus to about N54 billion over the last six years,” he added.