In an interview with Daily Trust, the Vice Chancellor said the university has a number of important projects it needs to execute.
"The university needs more money," Ambali said.
"I think that is the usual thing because we have, in our plans, a few projects that we need to execute.
"For instance, we want a self-sell laboratory which costs some money because self-sell research is the state of the art research that needs a separate infrastructure, as well as the equipment to drive it."
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He noted that the institution plans to be more financially stable and relevant to society in the coming years.
"I foresee a more buoyant University of Ilorin in a few years to come; a university that would be able to make more impact in the society and make more money for itself."
UNILORIN, located in the ancient city of Ilorin, capital of Kwara State, was established in 1975 as a University College affiliated to the University of Ibadan (UI).
It is a Federal university and one of the most sought after institutions in the country.