Oladunjoye made the disclosure on Friday when he received members of the state House of Assembly Committee on Education, Science and Technology, who were on oversight visit to the institution.
He said that the college was able to generate the amount due to the accreditation of its pharmacy technician and medical laboratory technician programmes.
According to him the upgrade will enable the institution access special intervention funds and also absorb more students.
Responding, the Committee Chairman, Mr Victor Fasanya, urged the management of the college to liase with the Ministry of Justice to initiate proposal to the assembly which the lawmakers could work with.
He commended the management of the college for its efforts in the area of revenue generation, saying the House was ready to assist if the need arises.