Vice Chancellor of the University of Ibadan, Professor Idowu Olayinka has said that the institution needs N1.8 billion annually for effective and efficient running of the institution.
Speaking in Ibadan, he also disclosed that the university receives about N150 million only from the federal government which was inadequate for effective management.
He appealed to the government to pay all outstanding shortfalls owed the university to guarantee peace and enhance productivity among staff.
Olayinka acknowledged, with gratitude, the receipt of N422 million shortfall of salary arrears from the federal government for January through April this year.
In his speech, he also appealed to the striking members of staff to return to work.
"The overhead cost that we receive from the federal government in a year for running the institution can barely last us for a month. We need to pay for electricity, diesel, internet bandwidth, pay our external examiners, maintain buildings, fuel official vehicles, among other items of expenditure.'
He also vowed to continue appeal the government for assistance, adding that the school management wants its staff to be happy, in order to enhance productivity.