UNILAG VC Summoned Over N7.1bn Excess in 2024, 2025 Budgets

The House of Representatives Committee on University Education has uncovered multi-billion naira discrepancies in the financial records of federal universities during an oversight visit to institutions across the South-West, prompting the committee to summon the Vice-Chancellor of the University of Lagos, Professor Folasade Ogunsola, to explain an alleged N7.1 billion excess in the institution’s 2024 and 2025 budgets.

The exercise was disclosed in a statement issued on Saturday, November 14, 2026, by the committee’s chairman, Abubakar Fulata, ValidViewNetwork reports.

THE DISCREPANCIES

Fulata said the on-the-spot assessment had exposed enormous challenges confronting the institutions, warning that financial irregularities, lack of transparency, and non-compliance with budgetary provisions could worsen their situation.

He cited specific examples that left the committee alarmed. “In some cases, the documents submitted contradict each other. You claimed to have generated N9bn and spent N10bn. Where did you get the N1bn from?” he asked .”In another instance, you will see N12bn generated as income and only N8bn spent, without any information regarding the whereabouts of the balance of N4bn”.

The committee chairman stressed that public institutions must account for funds allocated to them and revenue generated internally, noting that proper financial management was essential to improving the quality of university education.

THE SUMMONS

The committee directed Ogunsola to submit details of the institution’s 2024, 2025, and 2026 budgets and appear before it next week.

Ogunsola was unavailable during the committee’s visit to the university, while officials who represented her could not adequately explain an alleged N7.1 billion excess in the institution’s 2024 and 2025 financial records or provide the additional information requested by the lawmakers.

Other institutions directed to update their records and submit comprehensive reports included Obafemi Awolowo University, Ile-Ife; Federal University Oye-Ekiti; Federal University of Technology, Akure; and Federal University of Health Sciences, Ila-Orangun.

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The committee also visited the University of Ibadan, Adeyemi Federal University of Education, Ondo; Federal University of Agriculture and Development Studies, Iragbiji; Federal University of Technology and Environmental Studies, Iyin-Ekiti; and the Nigeria French Language Village, Badagry.

THE POLITICAL CONTEXT

Fulata acknowledged the political demands on members of the National Assembly ahead of the 2027 general election but said such considerations should not undermine their constitutional responsibilities.

He said the oversight exercise was necessary to ensure that no sector of the economy suffered neglect because of the election year .He also urged university authorities to uphold the federal character principle in the recruitment of staff and admission of students to ensure fairness and equitable representation .

WHY IT MATTERS

The figures are staggering.A university that generates N9 billion and spends N10 billion is a university that cannot account for the extra N1 billion.

A university that generates N12 billion and spends N8 billion is a university that cannot explain where the remaining N4 billion went.

These are not minor bookkeeping errors. They are potential cases of financial mismanagement, and they raise serious questions about the integrity of the officials entrusted with public funds.

The committee’s decision to summon the UNILAG VC is a necessary step. But a summons is not accountability. The Vice-Chancellor must provide answers, and if the answers are unsatisfactory, the committee must refer the matter to the relevant anti-corruption agencies.

The oversight visit comes at a time when Nigerian universities are crying out for funding, when ASUU is threatening industrial action, and when students are struggling to pay tuition.

If billions of naira are being mismanaged in the system, the public deserves to know.

The committee has exposed the discrepancies. The question is whether anyone will be held responsible. ValidViewNetwork reports.