Ikpeazu Approves N400m Bailout Fund For ABSU

Abia State Governor, Dr. Okezie Ikpeazu has approved the release of the sum of Four Hundred Million Naira (=400,000,000. 00) bailout fund for Abia State University Uturu.

This is following what the state government called “strong representations from the Management and Staff of the Abia State University to the State Government for some form of financial assistance”.

The fund according to the state government will among other things enable the payment of staff salaries and other financial obligations in the institution.

Recall that ABN TV on Monday brought you a report on how both academic and non-academic unions in the university staged a peaceful protest over non-payment of salaries in the past 6 months.

In a statement issued on Tuesday by Chief Press Secretary to the Governor, Onyebuchi Ememanka, he applauded the financial prudence of Abia State University Uturu management, saying the current financial challenge rocking the school may not be unconnected with the outbreak of COVID-19.

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“Following strong representations from the Management and Staff of the Abia State University to the State Government for some form of financial assistance in the wake of the disruptions caused by the COVID-19 pandemic, the Governor of Abia State State and Visitor to the University, Okezie Ikpeazu, PhD has approved the structuring of bailout funds in the sum of Four Hundred Million Naira (=400,000,000. 00) for the University.

“This bailout fund is expected to be applied by the University Management to meet basic financial obligations including but not limited to the payments of salaries of workers in the University.

“In granting this approval, Governor Okezie Ikpeazu is mindful of the fact that the Abia State University has remained a strong model in resources management and maintenance of academic stability. The Governor notes, with pride that the University has, since the inception of his administration remained a signpost for excellence and service which has manifested in the consistent improvements in the rating of the University by independent assessment agencies in the country.

“The Governor notes further that the pandemic which took the entire globe by surprise has fundamentally altered the smooth academic environment in the University leading to obvious disequilibrium in their financial inflows.

“Governor Ikpeazu is of the firm belief that under the circumstances, the University is well-deserving of this assistance from the State Government.

“Details of the structure of the bailout will be worked out between the officials of the State Government and the University Management Team.

“The Governor believes that this line of support, which is unprecedented in the history of the Institution will provide the needed impetus for the University to jump-start academic activities and continue to sustain her position in the nation’s academic environment” the statement read.

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