The Joint Admissions and Matriculation Board(JAMB) has announced it has remitted the sum of N3.51b to the national treasury as part of its 2021 operating surplus.
A statement signed by the Boards Director of Press, Dr Benjamin Fabian said the 2021 remittance is the result of the adoption of international best practices which resulted in cost-effective operational processes.
He said the processes adopted brought attendant savings, yielding the humongous remittances to government coffers.
The statement said ”the remittance has been the norm rather than the exception in the last six years beginning from 2016 when he remitted the whopping sum of N7b and repeated same in subsequent years.
”It is pertinent to note that one of the direct benefits of the sustained remittances by the Prof. Oloyede-led management manifested in the reduction of the cost of the application documents (UTME and DE) by candidates from N5000 to N3500 in 2018 by President Muhammadu Buhari.”
He said the singular act has ensured the annual transfer of over N3b to the pockets of parents and guardians of candidates as a consequence of the slash in the price of UTME forms.
”The Board as led by Prof Ishaq Oloyede would continue to prune down the cost of governance and release resources for other needy national prioritize areas”, the statement said.
It would be recalled that in 2020, JAMB made a remittance of N7bn to the Federal Government, saying the amount is part of the excess funds generated particularly from the March and April Unified Tertiary Matriculation Examination.
The board also added that an interim remittance of N3.5bn to the Federal Government’s consolidated account, which was added to an initial N3.5bn raked in from the UTME candidates by way of the reduction of the cost of electronic PINs as approved by the Federal Government.