The management of the Akwa Ibom State University (AKSU) says it receives a monthly subvention of N250 million from the state government.
The AKSU Vice-Chancellor (V-C), 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 V-C 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 convocation of the second and third batches of the university’s graduands had been slated for May 20.
Ibanga said that 916 students would graduate at the convocation with 33 bagging first class, 286 with second class upper division and 518 with second class lower division.
He said that 75 of the graduating students had third class while three of them graduated with pass degree.
The V-C said that the institution had six faculties running 35 undergraduate programmes with 25 of them having full accreditation from the National Universities Commission (NUC).
Ibanga said that the remaining 10 programmes had interim accreditation and no programme at the university had been denied accreditation.
TheV-C said that the university has a staff strength of 1, 488 with 467 being academic staff out of which 36 are professors and 18 associate professors.
“Part of the problems we have in accreditation programme is staffing; it is very difficult to have senior academics in Engineering Faculty, “Ibanga said.
He, however, said that the vision of AKSU was to produce graduates that would have practical experience to be self-employed.