The management of the Akwa Ibom State University (AKSU) says it receives a monthly subvention of N250 million from the state government, the News Agency of Nigeria (NAN) reports.
The AKSU Vice-Chancellor, Prof. Eno Ibanga, disclosed this on Thursday while addressing newsmen at the Ikot Akpaden campus of the institution in Mkpat Enin Local Government Area of the state.
The VC said that the institution was solely funded by the state and the subvention had helped in the regular payment of salaries of its staff and other overhead expenses.
He said the internally generated revenue (IGR) accruing to the institution was only from fees paid by the students.
Ibanga said that the university was expected to earn a total of N416 million each session from IGR if all its 7,857 students pay their fees of N53,000 per student per academic session.
The V-C also announced that the combined…
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