THE Oyo State Government, on Tuesday, approved the payment of the sum of N8 billion to Osun State Government with respect to the agreement reached with the latter on the sole ownership of Ladoke Akintola University of Technology.
The sum will be paid in installments between 2021 and 2023.
According to the breakdown, N1 billion will be paid in January 2021; N1 billion will be paid in December 2021; N3 billion will be paid in 2022 and the last three N3 billion will be paid in 2023.
Commissioner for Education in the state, Olasunkanmi Olaleye, disclosed the approval while briefing journalists shortly after the Executive Council meeting held at the Governor’s Office, in Ibadan.
A statement by the Chief Press Secretary to the Governor, Taiwo Adisa, quoted Olaleye as saying, “As a follow-up to the agreement reached with the Osun State government on the issue of sole ownership of LAUTECH, the Executive Council of Oyo State approved today the payment of the sum of N8 billion to Osun State Government. It will be paid over a period of three years.
“The breakdown of the payment goes as follows: one (1) billion Naira will be paid in January 2021 and another one (1) billion Naira will be paid in December 2021. Three (3) billion Naira will be paid in 2022 and the last three (3) will be paid in 2023. This was the decision of the council today.”
The protracted disagreement between the Oyo and Osun state governments over the ownership of LAUTECH was laid to rest in November 2020, when Oyo State took ownership of the University.
LAUTECH was established in 1990 by the old Oyo State Government with the main campus located in Ogbomosho.
