COVID 19: Gov Ikpeazu okays N400m bailout for state varsity

Governor of Abia State Governor, Okezie Ikpeazu, has approved the sum of Four Hundred Million Naira (400,000,000. 00) for the stateowned university as bailout funds.

The approval followed a strong presentation from the Management and Staff of the Abia State University to the State Government for some form of financial assistance in the wake of the disruptions caused by the COVID-19 pandemic.

Governor Ikpeazu said the COVID pandemic which took the entire globe by surprise had fundamentally altered the smooth academic environment in the University, leading to disequilibrium in their financial inflows

The governor said the financial support would provide the needed impetus for the University to jumpstart academic activities and continue to sustain her position in the nation’s academic environment.

He said that under the circumstances, the university was well deserving of the assistance from the State government.

“This bailout fund is expected to be applied by the University Management to meet basic financial obligations including but not limited to the payments of salaries of workers in the University.

“Details of the structure of the bailout will be worked out between the officials of the State Government and the University Management Team,” he added.

The governor said since the inception of his administration, the university had remained a signpost for excellence and service which had manifested in the consistent improvements in the rating of the University by independent assessment agencies in the country.