Breaking News: JAMB Remits Over N55 Billion to Government Coffers – Official

Official: JAMB Remits Over N55 Billion to Government Coffers

According to Fabian Benjamin, the spokesperson for the Joint Admissions and Matriculation Board (JAMB), the examination body has remitted an impressive sum of over N55 billion to the federal government.

During the board’s management committee meeting on Thursday, Mr. Benjamin revealed that this substantial amount was realized under the leadership of JAMB registrar, Professor Ishaq Oloyede.

He further announced that JAMB had recently remitted an interim surplus of N2 billion for the 2023 operating year, with more funds expected to be remitted upon completion of the board’s operations for the year.

Mr. Benjamin attributed these remarkable remittances to the Oloyede-led management’s commitment to leveraging technology and implementing disciplined practices in the board’s affairs.

“Since Professor Oloyede assumed office, JAMB has remitted over N55 billion to the Federal Government coffers,” he stated. “This is a significant increase compared to the less than N60 million remitted by the board in the 38 years prior to Professor Oloyede’s appointment.”

He highlighted that upon assuming the role of registrar, Professor Oloyede implemented a policy of transparency and accountability. This change in approach has resulted in substantial returns being posted to the Consolidated Revenue Fund (CRF) by JAMB.

The board’s increased internal capacity and streamlined processes have led to cost savings, such as reducing an annual payment of N1.2 billion to a service provider to approximately N400 million. Additionally, JAMB has recovered over N1.2 billion in cash and valuable properties in prime areas of Abuja in 2016.

Mr. Benjamin emphasized that these measures have transformed JAMB’s financial contributions. Over its 40-year history, the board had remitted a cumulative total of about N55 million to the national treasury. However, in the first year of Professor Oloyede’s tenure, JAMB rendered N7.8 billion, and it has directly contributed over N27 billion to the national treasury.

He clarified that the remitted amount does not include the 30 percent reduction in application fees, which has amounted to N10.8 billion over four years since the reduction was implemented.

In addition to the remittances, JAMB has allocated funds to various initiatives, including a Capital Fund of N11 billion (including N6 billion yet to be allocated), Annual Awards/Grants for tertiary institutions’ capital projects totaling N1 billion, and a Special Staff Welfare Scheme of N2 billion. When combined, these allocations bring the cumulative surplus over the past six years to approximately N54 billion.

Overall, the efficient management of JAMB under Professor Oloyede’s leadership has significantly increased the board’s financial contributions, benefiting the federal government and enabling investments in capital projects and staff welfare.