Federal College of Education, Iwo Gets N1.2bn for operation (SEE BREAKDOWN)

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Federal College of Education, Iwo Gets N1.2bn for operation (SEE BREAKDOWN)

Federal College of Education, Iwo as one of the colleges recently approved by President Buhari has been allocated a sum of N1.2 billion in the 2022 budget of the Federal Government.

It is no more news that the long-awaiting wish for the operation of the Federal institution in Iwoland will become a reality. It was proposed initially that the institution will start operation in October 2020. However, this could not happen though processes have been put in place for the smooth running of the school.

Iwo Finalises Choice of Sites for Federal College of EducationHowever, an arrangement was reached by the town to use the gigantic structure in the premise of L.A Commercial Grammar School built by the former House of Representatives for Ayiwola federal constituency, Hon. AbdulGafar Amere as a temporary site for the school. While the permanent site for Federal College of Education, Iwo will be at Eleere land at Ileko Oba.

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In addition, the Osun State Government Ministry of Education delegation led by Commissioner for Education, Folorunso Bamisayemi, was in Iwo on May 19, 2020 to inspect the proposed temporary site for Federal College of Education, Iwo.

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This inspection comes a day after the Federal Ministry of Education in Abuja has published an official Press released that only Iwo local government has been approved in Osun State for the tertiary institution.

The Paramount Ruler of Iwoland, Oba AbdulRosheed Adewale Akanbi, on June 15, 2021 presented the Certificate of Occupancy (C of O) of the permanent site to the management team of the newly established Federal College of Education, Iwo.

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While presenting the certificate, Oba Akanbi assured the management team of security and cooperation in ensuring the college emerges the best in the nation in a few years’ time.

In his remarks titled “Together, We shall Build the Tower” the provost, Prof. Raifu Adebayo, canvassed for usual and better supports to facelift the institution as the envy of others.

He hinted the school logo was designed to portray the culture of Iwo as the citadel of learning and home of parrot. The motto was also coined from the acronym “IWO” – Integrity, Wisdom and Optimism“.

The good news is that the Federal College of Education, Iwo has been allocated a sum of N1.2 billion in the 2022 budget of the federal government presented by President Muhammad Buhari on Thursday, October 7, 2021 at the National Assembly for approval.

The total allocation of N1,246,270,779 is segmented into; personnel cost: N646,270,779
recurrent cost (overheads): N100,000,000 and capital expenditure: N500,000,000

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BREAKDOWN OF THE N1.2 BILLION ALLOCATION TO FEDERAL COLLEGE OF EDUCATION IWO, OSUN, STATE

PERSONNEL COST: N646,270,779
RECURRENT COST (OVERHEAD): N100,000,000
CAPITAL EXPENDITURE: N500,000,000
TOTAL ALLOCATION: N1,246,270,779

PERSONNEL COST

The personnel cost will cater for the salaries and wages of the staff and workers of Federal College of Education, Iwo.

RECURRENT COST (OVERHEAD)

The recurrent costs will cover the following costs;

  • Travelling & transport
  • Electricity charges
  • Telephone charges
  • Internet access charges
  • Maintenance services
  • Consulting and professional services
  • Fuel and lubricants and others

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CAPITAL EXPENDITURES

The N500,000,000 capital cost will be spent on fixed assets for the institution. Among them are;

  • Construction/provision of office buildings
  • Construction / provision of library
  • Purchase of motor vehicle
  • Purchase of sporting equipment
  • Construction of storey building
  • Construction of office buildings
  • Purchase of generators
  • Purchase of scanners
  • Construction blocks of lecture rooms
  • Construction / provision of electricity
  • Purchase of computers
  • Purchase of office furniture and fittings
  • And many equipment as seen below.

Federal College of Education, Iwo Gets N1.2bn for operation (SEE BREAKDOWN) Federal College of Education, Iwo Gets N1.2bn for operation (SEE BREAKDOWN)

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