The Vice Chancellor of Babcock University, Ilishan-Remo, Ogun State, Dr Ademola Tayo, has said that the institution spends a whopping N1 billion on power generation annually.
While trying to justify the perceived high tuition fees the school charges, the educationist explains that they spent “between N80 and N85 million every month on power supply, amounting to about N1 billion annually.”
He said like other investments, the prevailing business environment under which the universities operate is not only unfriendly but also discouraging, citing cases of multiple taxations, high foreign exchange rates, high interest rates, high inflation, policy inconsistency, and poor infrastructural facilities such as power, water, among others, as part of reasons for the increasing cost of education in private institutions.
According to him, for Babcock university to enjoy uninterrupted power supply, it invested heavily on an independent power project, which now generates 4.5 megawatts of electricity.
“It is true that the cost of education is high but ironically, the cost of ignorance is far higher. As an academic institution that is committed to maintaining standards set by Nigeria and the Seventh Day Adventist Church worldwide, Babcock University cannot afford to offer poor quality of education.
“Also, when you consider what we offer here and the money paid, you will realise it is equivalent to what students of public universities pay. For instance, whatever fee we charge, embedded therein are fees for accommodation, feeding, uninterrupted power supply, internet facilities, among others. “So if you calculate what students of public universities spend on transportation, accommodation, feeding, power, and yet without proper security in their rented apartments, epileptic power supply and poor access to internet facilities, you would understand how cheap private universities are,” he explained.