Ikpeazu approves N400m bailout for Abia Varsity

From Steve Oko, Umuahia

Governor Okezie Ikpeazu has approved a N400 million bailout for the management of Abia State University, Uturu, for the payment of staff salary and other pressing financial needs.

According to a press statement by the Chief Press Secretary to the Governor, Mr. Onyebuchi Ememanka, Gov. Ikpeazu decided to come to the rescue of the institution after a meeting with the management and union leaders in Umuahia.

The statement read in part:”Following strong representations 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, the Governor of Abia State and Visitor to the University, Okezie Ikpeazu, has approved the structuring of bailout funds in the sum of Four Hundred Million Naira for the University.

“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.

“In granting this approval, Governor Okezie Ikpeazu is mindful of the fact that the Abia State University has remained a strong model in resources management and maintenance of academic stability.”

According to the statement, details of the structure of the bailout will be worked out between the officials of the State Government and the University Management Team.

“The Governor believes that this line of support, which is unprecedented in the history of the Institution, will provide the needed impetus for the University to jump-start academic activities and continue to sustain her position in the nation’s academic environment,” it concluded.

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