Nigeria’s First University, UI, Spent N653Million On Honorarium, N221Million On Refreshments, Meals In 2024 –Financial Report
The financial report also indicates that the University spent N1.5 billion on electricity charges in the 2024 fiscal year.
A SaharaReporters review of the University of Ibadan audited financial statement for the 2024 financial year has revealed that a total of N653 million was spent on honorarium and sitting allowances.
Further examination of the document, which was published on the University’s official website, shows that N221 million was expended on refreshments and meals during the same period.
The financial statement for 2024 is the most recent one released by the school, which is Nigeria’s first university
The financial report also indicates that the University spent N1.5 billion on electricity charges in the 2024 fiscal year.
While honorarium and sitting allowances cost N653 million, examination expenses were recorded at N302 million, and academic expenses totaled N392 million. Laboratory and teaching materials accounted for an additional N154 million.
Notably, all these expenditures remained below the amount spent on honorarium and sitting allowances, highlighting the substantial allocation to administrative perks in comparison to core academic needs.
Previously, a review of the University’s 2023 financial statement illustrated this trend.
In that year, the institution spent a total of N358 million on non-academic expenses, including refreshments, meals, and honorarium/sitting allowances.
This amount exceeded spending on key academic purposes such as academic expenses, research, and teaching materials.
Specifically, in 2023, the University spent N134 million on refreshments and meals, which was more than double the N65 million recorded for the same item in 2022.
Additionally, N224 million was allocated to honorarium and sitting allowances in 2023, representing a significant increase from N129 million in the previous year.
When combined, the costs for refreshments and meals (N134 million) and honorarium/sitting allowances (N224 million) totaled N358 million. This sum surpassed the N345 million spent on the line item “academic expenses.”
It also exceeded the N23 million spent on laboratory and teaching materials and the N168 million allocated to research and other teaching-related expenses.
The figures suggest that the University of Ibadan spends heavily on administrative allowances and perks while academic expenditures receive lesser actual expenditure.
The trend indicates a growing pattern of significant spending on non-academic items, particularly honorarium, sitting allowances, and staff refreshments, while key academic resources continue to receive comparatively smaller allocations.
These financial disclosures raise questions about budgetary priorities and the balance between administrative expenditures and the University’s core educational objectives.
