The University of Buea (UB) Council has endorsed the institution’s budget for the year 2024, fixing it at FCFA 9,020,873.
The decision was reached during the UB Council session convened on the University campus in Buea on Monday, December 18, under the leadership of the Pro-Chancellor, Prof Edward Ako Oben.
Breaking down the budget allocations, the Council earmarked 89.9% of the budget, amounting to FCFA 8,112,373,016, for recurrent expenditure, while 10.7%, totaling FCFA 908,500,000, will be allocated for investment purposes.
The investment schemes could include the construction of new classroom blocks and equipment of newly created structures such as the school of journalism and mass communication.
During the session, the Council underscored the importance of enhancing the University’s income generation by directing the Vice-Chancellor to explore additional ventures.
Notably, the University recently ventured into establishing a printing press and a microfinance institution to contribute to its revenue streams.
The two structures are part of UB Corporate Limited, a company the institution created last year to diversify its revenue sources.
One pressing issue addressed during the session was the increasing reluctance of students to pay their fees.
A presentation highlighted that a considerable number of students proceed with their studies without settling their fees, which are set at FCFA 50,000.
The Vice-Chancellor, in acknowledging the concern, mentioned that with a student population of 33,000, it is challenging for the University to accurately track its exact student count.
The Council’s decision to emphasize income generation aligns with the broader goal of ensuring financial sustainability and continued growth for the University of Buea.
This council session occurred just two days before the University’s 25th convocation ceremony, a milestone event that witnessed the graduation of nearly 5,000 students on December 19 and 20.
The convocation served as a testament to the academic achievements of the institution and the culmination of the efforts invested in the education of thousands of students.
Mimi Mefo Info