The chief executive of Joint Admissions and Matriculations Board (JAMB), Prof Ishaq Oloyede has averred that his agency in the last six years, has a N50bn surplus under his watch due to measures put in place on “cost control, prevention of financial leakages and minimisation of financial corruption.”
Oloyede spoke on Wednesday in Abeokuta, Ogun State, while delivering a public lecture as part of the 13th Gbagura Day celebration.
Speaking on lecture titled “The imperative of JAMB in Tertiary Education in Nigeria,” Oloyede said the surplus funds include over N29billion directly returned into the Consolidated Revenue Fund (CRF), N11bn disbursed on capital projects, Corporate Social Responsibility (CSR), savings of about N6bn among others.
The Registrar explained that the “humongous returns” were in contrast to about N52 million – which is the cumulative return of the previous 40 years of the board.
He said that UTME’s credibility and reliability, massive returns to the national coffers, institution of CSR, establishment of government-owned CBT centres in all states of the federation, minimising fraud in National Youth Service Corps (NYSC) mobilisation are some of the achievements of the board under his watch.
Oloyede said, “The recent strategic and structural innovations in JAMB have resulted in significant impacts on the Board in areas such as cost control, prevention of financial leakages and minimisation of financial corruption. This has changed the narratives such that JAMB now posts humongous returns to the Consolidated Revenue Fund (CRF).
“The Board also expanded internal capacities for its operations with direct execution of processes and procedures. Currently, over N50billion has been recorded as surplus in the past six years. Over N29billion of this has been returned directly to the CRF. About N11billion disbursed on capital projects, Corporate Social Responsibility, savings (about N6billion) and others in contrasts to about N52million that had been the cumulative return of the previous 40 years.
“Some critics argue that JAMB is not to, and should not generate fund for the Government. Since JAMB charges are extremely minimal compared with similar charges within and outside Nigeria, exploitation is ruled out.
“Secondly, should JAMB then be revenue wasting Board? The Board reduced its charges in 2018 and in 2020 by about 30% and has continued to expand its facilities and support institutions with the surplus from its well-managed finances. What then is the crime if not fault-finding?”
Oloyede identified examination malpractice, admission outside central admission processing system, unsuitable CBT centres, erratic power supply, lack of uniform calendar by institutions as some of the challenges confronting the board.
