The Vice-Chancellor of the Federal University of Technology, Akure, Professor Joseph Fuwape, said the institution was facing a problem of inadequate funding.
He said the allocation to the school from the Federal Government had drastically reduced as the institution had been having shortfalls in the allocation in the recent times.
Speaking at the inauguration of the FUTA Alumni Trust Fund Board, held at the Senate building of the institution, the Vice Chancellor, however, said the varsity had been surviving through the intervention of the Tertiary Education Trust Fund.
It was gathered that the trust fund was organised by the FUTA Alumni Association to profer solutions to the challenges facing the university.
The VC said, “We have changed the financial landscape of the university, the allocation of government has drastically reduced, that is what we met on the ground. For instance, in June 2018, we had a shortfall of N1.2billion
“However, we have been enjoying the intervention of TETFUND. Also, we established a commercial farm to produce agro-products for commercial purposes in order to raise our Internally Generated Revenue.”
In his address, the President of the alumni association, Mr. Olaitan Adesomoju, disclosed that the association was targeting N1billion annually to assist the university.