The Vice Chancellor, Obafemi Awolowo University, Ile-Ife Osun state has disclosed that the school spends over N80 million monthly on electricity bill and another N2 million on diesel to power its generators.

This is as he claimed that the huge sum could be diverted to more challenging ventures when the ongoing power project in the university is completed to facilitate regular power supply and reduce economic burden on the institution.

Professor Ogunbodede disclosed this while addressing a Press Conference to herald the school’s 60th Anniversary Celebration on Tuesday at the University campus.

The University was established on June 08, 1961 and began classes in October 1962 as University of Ife before it was renamed to Obafemi Awolowo University on May 12, 1987 in honor of the first Premier of the then Western Region, Chief Obafemi Awolowo.

He added that apart from the electrification projects, other ongoing development work include the airstrip project, construction of Phase 3 hostel for students, staff housing scheme, Aeronautical Engineering department, International Student Exchange center, Student Affairs Building, the “Jubilee House”,- a-ten storey Centra Bank of Nigeria Building among others.

“The Rural Electrification Agency (REA) 8.03MW power project for the supply of electricity to the University is on-going and almost completed.

This will enable OAU generate its own electricity.

The University processed and obtained from the Transmission Corporation of Nigeria the Marketing License as an Electricity distributor, the first Nigerian University to enjoy the privilege.

The aim is to reduce the economic burden of high tariff and ensure regular electricity supply to enhance its various academic activities.

The University presently pays 80 million Naira per month for electricity and additionally, over two million Naira per month on Diesel to power generators”, he said.