The Joint Admissions and Matriculation Board (JAMB) has announced the remittance of N2 billion as its interim surplus for 2023.
The statement was released on Thursday by Dr Fabians Benjamin, the spokesperson for the examination body.
JAMB plans to remit additional funds as its operations for the year progress. The board emphasized that this remittance reflects the commitment of Prof. Is-haq Oloyede-led management to utilize technology and discipline in managing its affairs.
Since assuming office, the current management under Prof. Is-haq Oloyede’s leadership has remitted more than N55 billion to the Federal Government.
This amount significantly surpasses the meagre sum of less than N60 million remitted by the board during its 38-year existence prior to Oloyede’s appointment.
JAMB said: “On assumption of office of the current Registrar, he had come up with a policy which holds that whatever would , must be on the table. This has changed the narratives such that JAMB now posts humongous returns to the Consolidated Revenue Fund.
“These returns were bolstered by the Board’s expanded internal capacities for its operations achieved through direct execution of its processes and procedures, which instantly resulted in, for instance, a savings of N1.2billion being paid annually to a service provider and a downward review of the N1.2billion being annually paid to another to about N400million with the same old service provider.
“This is in addition to the recovery of over N1.2 billion in both cash and estates in choice areas of Abuja, in 2016.
“It was these steps and many others, which had ensured that a Board, which had remitted cumulatively in its 40 years of existence about N55 million to the national treasury, rendered N7.8billion in the first year of the assumption of office of Prof. Oloyede and has since contributed over N27billion directly into the national treasury.
The remitted amount is without prejudice to the 30% reduction in its application fee (N10.8billion in 4 years since the reduction), Capital Fund (N11billion including N6billion, which is yet to be committed), Annual Awards/Grants to Tertiary Institutions for Capital Projects (N1billion) and Special Staff Welfare Scheme (N2billion). This would aggregate the cumulative surplus to about N54 billion over the last six years.”
