To shore up its internally generated revenue (IGR), Kwara state Polytechnic has put necessary machinery in motion to float a Microfinance before this year runs to an end.
This was disclosed by the Polytechnic Rector, Engr. Abdul Jimoh Mohammed, on Thursday in Ilorin, the Kwara state capital, while briefing journalists on the activities of his administration in the past 365 days.
He said: “The management is committed to the proposed Kwarapoly Microfinance Bank project. We have taken all necessary steps towards the take off of the project. We have opened an account at Keystone bank and at present, our proposals are before the Corporate Affairs Commission in Abuja awaiting final registration and approval. We are zealously monitoring the registration exercise and earnestly strategising to ensure a smooth and quick approval. We are optimistic that the project would take off by the end of this year. The project would also strengthen our IGR base.”
Other projects slated to boost the Polytechnic IGR, according to the Rector, include production of hand sanitiser, pedal operated hand washing machine, bakery and fumigation chamber.
He said: “About N10m was borrowed from the Polytechnic by the Department of Mechanical Engineering for the production of the pedal operated hand washing machine and N9m has been paid back to the Polytechnic purse.”
The Rector said his administration has made concerted efforts to block leakages to ensure maximisation of revenue generated by the Polytechnic, adding that the effort has made the Polytechnic to save the sum of N48m in the last one year that would have gone down the drain. Some of the identified areas of leakages, he said, include school fees collection, payment for certificates and wage bill.
He listed some achievements recorded by his administration in the last one year as revival of the power guillotine which stopped working since 2014, the rolling machine and the 1,000 KVA generator which has also been down since 2016.
On water supply, the Rector said: “When I resumed in November 2019, most of the toilets on the campus were not functioning due to non supply of water. It was shocking to note that water was not running in toilets of the administrative block of the Polytechnic, as well as all the laboratories. But I am glad to report that the situation has been rectified and water is now flowing in the Polytechnic.
He, however, said that the Polytechnic needs support from well meaning individuals and corporate bodies to achieve some of its lofty goals, optimistic that the state government would soon commence payment of subvention to the Polytechnic.