Date: 2016-08-09

Kwara State government has warned authorities of its tertiary institutions to be prudent in managing their resources or face prosecution. The development came as government said it had so far disbursed N430,388,359.24 as subventions to seven of its tertiary institutions this year, noting that an outstanding N86,996,421.7 would be released this month.

The state Commissioner for Finance, Alhaji Demola Banu, who disclosed this in Ilorin yesterday, said the government had reviewed the subventions accruing to the institutions to block loopholes and wastages in the system.

Banu said it became obvious to government that the internal revenues generated by some of these institutions were enough to meet their financial obligations.

He stressed that this necessitated the need for the state government to cut or stop the yearly subventions being collected by the institutions.

The commissioner, who said that government had stopped subventions to Kwara State Polytechnic and Kwara State College of Health Technology, Offa, therefore, urged the management of all the state-owned institutions to be more innovative and resourceful in generating revenues for their schools, adding that the situation where government's subventions are spent only on recurrent expenditure was not sustainable.

"The school authorities should be prudent in utilising financial resources to make their institutions gain degree of financial autonomy", he further said.