Pro-Chancellor, Kwara State University (KWASU), Alhaji Saidu Isa said the university is facing serious financial constraints as it is owing banks the sum of N1 billion.
He appealed to the government and philanthropists for help.
Isa made the appeal on Saturday in Malete, Ilorin, during the 5th convocation of the university.
He said the university has assumed the status of a debtor institution as it is owing banks close to N1 billion.
He said that the university had in the last two years, depended on its Internally Generated Revenue (IGR) to pay staff salaries and offset some recurrent expenditure.
The Pro-Chancellor, who is also the Chairman of the university`s council, appealed to the state government to resume giving monthly subvention to the university to augment its IGR.
”This is because our IGR has been overstretched beyond capacity and it is now difficult to pay…
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