The Vice-Chancellor of the Lagos State University (LASU), Ojo, Prof. Olanrewaju Fagbohun, has lamented that like every other sector of the national economy, the universities are not exempted from the biting consequences of the nation’s economic challenges, particularly the rising foreign exchange rates.
The VC, who spoke at a lecture organised by the university’s Directorate of Advancement, which held at the institution’s auditorium, said unless drastic steps are taken to address the economic problems, academic institutions will continue to suffer in the discharge of their trio responsibilities of teaching, research and community services.
“Universities like other institutions are not also immune from the biting effects of foreign exchange and I am going to cite an example; we wanted to purchase a patrol van for our security and we got an invoice of about N10 million on Friday, but by Monday when we were to deliberate on it, the price had jumped to more than N12 million. We had no choice than to suspend it.”
He said that is the way purchasing other necessary facilities for the institution has been jettisoned due to economic challenges.
Meanwhile, an economist and public analyst, Mr. Henry Olujimi Boyo, who was the guest lecturer at the event, blamed the challenge on the misplacement of priorities by the country’s apex bank, the Central Bank of Nigeria, saying the financial institution that should be guarding the nation’s currency is busy protecting foreign currencies.
He demanded for redirection of Nigeria’s economic policies, saying sound policies focus more on grassroots and commoners, and urged the Federal Government to carry market men and women along in policy formulations and implementations.
Earlier, the Director of the Advancement Directorate, Prof. Ibiyemi Olatunji-Bello, said the lecture was part of the directorate’s strategies to impact the larger society and effect changes through enlightenment and education.
Source: Today
No comments:
Post a Comment