The University of Ilorin generated N5 billion as internal revenue in six years, the white paper on the report by the visitation panel to the university has revealed.

However, the internal audit manual of the university was last updated in 2006.

Part of the report posted in the Unilorin Weekly bulletin of February 20 shows that in six years the university received over N23 billion from the Federal Government comprising of recurrent grant, direct teaching grants, library development fund and capital and research grant.

The university invested funds in long-term development projects through commercial tree planning with vast plantation of teak, jatropha, citrus, mango, cashew and date palm.

The panel said funding to the university has improved at a fast rate since 2008 due to personnel costs and capital projects.

It commended the internally generated revenue performance of the university and urged the Federal Government to reward the university in form of matching grant.

The panel also asked that the internal audit manual be reviewed immediately to reflect the developments of the university in Information Technology and efforts should also be made to sustain the cashless and the e-payment operations in the university.

President Goodluck Jonathan who is the visitor to federal universities accepted the recommendations of the panel and directed the university management to liaise with the National Universities Commission (NUC) to review the internal audit manual.

Another observation of the panel was that the accounting year of the university was still July to June, as was the case during the military era, a situation the Minister of Education Professor Ruqayyatu Ahmed Rufa'i said universities affected should change from to January to December.

This is the fifth time a presidential visitation panel is visiting the 35-year-old university. After the 2010 visitation panel reports were submitted, they were further processed by Draft White Paper Committees consisting of experienced senior civil servants who reviewed the recommendations.