President Bola Tinubu yesterday disclosed that his administration inherited an economy that was struggling to stay afloat across all sectors, but had managed to salvage the country from imminent bankruptcy.

Represented by the Minister of State for Education, Dr. Suwaiba Ahmad, as a Visitor to the University of Ibadan during its 76th Foundation Day Anniversary, held at the International Conference Centre, Ibadan, the President said his administration “inherited an economy that was struggling to stay afloat across all sectors.

We have however managed to salvage the country from imminent bankruptcy. Since inception in 2023, this administration has been fashioning out ways of injecting funds into the education sector”.

Describing the UI as having assumed the status of ‘Big Brother’ to other universities, Tinubu stressed that “tertiary institutions have remained the largest beneficiaries of allocations to the education sector, through increased funding of the Tertiary Education Trust Funds (TETFUND), and Nigerian Education Loan Fund (NELFUND). “NELFUND is a student loan scheme designed for eligible students across tertiary institutions to access interest-free loans.

This initiative is to facilitate financial access to higher education and empower Nigerian students to pursue their academic aspirations. We are not there yet, but please note that this development is not a destination but a journey,” he said.

Tinubu therefore charged management of Nigerian universities “to reassess themselves in the light of national and global expectations.

Any university that does not make worthwhile contributions to the positive transformation of its country and the global community has failed to live up to the reason for its existence”.

The event was witnessed by many dignitaries including the Chancellor of the University, Alhaji Muhammadu Sa’ad Abubakarr, (the Sultan of Sokoto); the Pro-Chancellor and Chairman of the Governing Council, Chief Bisi Akande (represented by Hon. Dr. Nelson Alakpa); Oyo State Governor, Seyi Makinde (represented by his deputy Chief Adebayo Lawal); Borno State Governor, Prof. Babagana Zulum; the Olubadan of Ibadanland His Imperial Majesty Oba Owolabi Akinloye represented by the Otun Olubadan and former Oyo State governor, Sen. Rasidi Ladoja; former Chief of Staff to President Muhammadu Buhari, Prof. Ibrahim Gambari, and Sen. Sarafadeen Alli (Oyo South), among many others.

The university led by Prof. Kayode Adebowale (VC) used the anniversary to confer honorary awards to four distinguished Nigerians including a former Registrar of the University of Ibadan, Mrs. Mojisola Ladipo; Prof. Olufemi Bamiro (Emeritus UI VC); Alhaji Mohammad Indimi; and Mr. Victor Etuokwu of Access Bank LLC. It awarded Ph.D. degrees to three Doctors of Medicine, and 546 Doctors of Philosophy.

The Sultan of Sokoto in his address appealed to the government “to do more in the provision of adequate and proper funding of tertiary institutions. We are not unaware of the dwindling state of economies of nations, world over.

However, we are optimistic that prioritising education will raise the standard of the output of our institutions and thereby some of the ills bedevilling our society”.

He urged parents, students, youths and all, to show understanding with management in trying to explore ways to compliment the efforts of the government.

Chief Bisi Akande considered the connection between education and agriculture, noting, however that: “Nigerian peasants, representing some 80% of the population, still use the farming tools consisting of the hoes and cutlasses which were fashioned in the shapes now variable prevalent in our different cultures since the global spread of iron roughly between the eight and fifth centuries before Christ.