LASU Plans Upgrade With N1.3 Billion TETFund Lifeline

The Lagos State University (LASU) is set for an upgrade as the institution expects a grant of N1.3 billion front the Federal Government through the Tertiary Education Trust Fund (TET Fund).

LASU Vice Chancellor, Professor John Obafunwa said the funds, expected to be disbursed soon, will used to rehabilitate infrastructure at the institution.

“We are expecting some assistance from the federal level.

"We will inject the funds from the federal level according to what it is meant for. We have already identified the classrooms we need to renovate.

“We have already identified the hostels we need to renovate. We have identified the lecture theatres we need to refurbish," Obafunwa was quoted as saying in a report..

The VC acknowledged the contributions of the Lagos State Government (LASG) to LASU, adding that the institution is not entirely dependent on it for all all funding.

"We are not depending on the state government strictly.

"All the funds we are expecting from Abuja have been declared to the state government," he said.

Is LASU Broke

LASU will be needing all the funds it can lay it hands upon following the reversal of the unpopular tuition fees hike which would have earned it a sizeable revenue.

Students had strongly opposed the hike in a series of protests that turned violent as some point until Governor Fashola announced a reversal in early August.

This, couple with the Ebola Disease outbreak, forced an alteration of the LASG 2014 budget.

It was only this Monday that the leaders of the National Association of Nigerian Students, NANS, South West, accused Obafunwa of victimising students student [over the loss of revenue] following their protests.

The funds expected from TETFund will therefore be much needed.

Fallow Funds

The Tertiary Education Trust Fund (TETFund) was established as an intervention agency in 2011 and charged with the responsibility for managing, disbursing and monitoring the education tax to public tertiary institutions in Nigeria for the infrastructure development.

It has however been largely left fallow.

Recently, a South-West Zone member of the TETFund Board of Trustees, Mrs Anna Kolawole, said over N100 billion has been so far left unaccessed.

In May, President Goodluck Jonathan had, at a two-day workshop organised by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) in Abuja, revealed that "a good number of our institutions have failed to access the funds allocated to them. These funds, which run into billions of Naira, have accumulated over the years."