Business, Economy

JAMB to remit less revenue to FG this year — Oloyede

THE Registrar of the Joint Admission and Matriculation Board (JAMB), Ishaq Oloyede, has informed the Senate that it would remit N4.26 billion into the federation account, this year, a far cry from the N7.8 billion it remitted last year.

Speaking in Abuja when he appeared before the Senator Jibrin Barau, APC, Kano North-led Senate Committee on Tertiary Education and TETFUND for the 2018 Budget defence, Oloyede, who noted that though the agency was expected to generate N14.691billion as Internally Generated Revenue, lsaid that N7.744 billion of the money would be used for overhead cost, while N2.683 billion is earmarked for capital projects.

He explained that the examination body was given zero allocations for overheads and capital expenditure components of the 2017 budget, adding that with the 2018 budget proposal, the examination body planned funding for the two components from its projected IGR.

Meanwhile, senators, had openly disagreed on whether the huge remittance JAMB made into the federation account last year deserved commendation.

Speaking further, he said: “If we remove N7.744bn estimated for overhead cost and N2.683bn earmarked for capital project from the projected N14.691bn IGR, the balance surplus would be N4.262bn to be remitted into the federation account as against N7.8 billion remitted last year.”

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