• Saturday, July 13, 2024
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Falling oil price may negatively affect educational system, says Bell University’s VC


Prof. Isaac Adeyemi, Vice-Chancellor, Bell University, Ota in Ogun, says the falling price of the nation’s crude oil in the world market may negatively affect Nigeria’s educational system.

The Don stated this at the 10th Matriculation of the Bell University, Ota in Ogun, on Saturday.

According to him, due to the continuous decline in the price of crude oil at the international market, a lot of challenges await the nation.

“Undoubtedly, the increase in the Value Added Tax (VAT), the devaluation of the nation’s currency and some of government’s fiscal measures, will surely come with great implications.

“One of the consequences of such fiscal measures is the expected increase in prices of goods and services, which might eventually result into a double-digit inflation,” he said.

He added that if care was not taken, these measures would have negative impacts on the education sector, which he said had not performed well enough on the global rating.

“It is, therefore, imperative for operators of the system to evolve cost-saving measures to ensure improved service delivery.

“All hands must be on deck to reduce the wastage of both human and material resources to the barest minimum.

“In the face of current economic realities, we must learn to develop and introduce fresh means of service delivery with cost effectiveness,” Adeyemi said.

The 2014/2015 academic session, the university formally admitted a total of 514 undergraduates spread across six colleges.