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    JAMB earmarks N7.744bn overhead, N2.683bn projects, reduces TSA remittance

    The Joint Admission and Matriculation Board (JAMB) said it has earmarked the sum of N2.683 billion for capital projects, which it said has affected how much it will remit into the federation account.
    JAMB Registrar, Professor Ishaq Oloyede, stated this while appearing before the Senate committee on Monday.
    He disclosed that the examination body would not remit all the N7.8bn it generated in 2017 into the Federation Account citing several reasons.
    Oloyede said that although JAMB projected for N14.691bn as its Internally Generated Revenue for 2018, N7.744bn would be used for overhead costs, while N2.683bn had been earmarked for capital projects.
    He pointed out that JAMB was given zero allocation for the overhead and capital components of its 2017 budget.
    “If we remove N7.744bn estimated for overhead cost and N2.683bn earmarked for capital project from the projected N14.691bn IGR, the balance surplus will be N4.262bn to be remitted into the Federation Account, as against N7.8bn remitted last year.
    “This has to be so because of critical expenditures to be carried out on overhead in terms of maintenance and upgrading of our facilities and information technologies, and in particular the highly needed capital project of procurement of new headquarters that will be on the national fiber optics for easy connection,” Oloyede said.

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