The Chairman, Committee of Vice-Chancellors of Nigeria, Prof. Ishaq Oloyede, has said that about $990m [N153.5bn] from Education Trust Fund which the Federal Government invested in the education sector since 1999 has not been well utilised.

According to him, there have not been commensurate positive impacts of such whooping investments on the sector.

Speaking to journalists in Ilorin, Kwara State, on Thursday, he said the Federal Government had made stupendous investments in education but regretted that such investments had yet to have a commensurate positive impact in educational development in the country.

He said there would have been great and remarkable advancement of the education sector if the funds earmarked for the sector had been well utilised.

He added that with discipline, God's consciousness and proper monitoring of the managers of the funds, Nigeria should witness great transformation in the education sector.

"The country in which we are, where we find ourselves, we know that where our strength lies, is the source of our weakness. What the Federal Government has committed to education is enormous. But because of some inexplicable reasons, it is difficult to tell anybody that such amount has been invested because people will not even believe you.

"Since 2009 till date, through the ETF alone, the Federal Government has committed about $990m. You will not talk of the heavy investment coming from other sources. The Federal Government commits a lot of money in the education sector. I believe that with discipline, with God's consciousness and with proper monitoring, we can and should have transformation of the education sector."

Oloyede, who is the UNILORIN outgoing Vice-Chancellor, said though the Federal Government promised to give UNILORIN N5.5bn special intervention fund, and later reduced it to N4.2bn such intervention fund was still huge money.

He stated that the institution had already planned out how to effectively manage the N4.2bn for its development.

He said N3bn would be spent during the remaining part of his tenure for developmental projects in the institution, leaving N1.2bn for the incoming administration of Prof. Abdulganiyu Ambali.

He stated that part of the N3bn would be used for the rehabilitation of all the laboratories in the institution and for the building of two additional laboratories.

Oloyede also said part of the fund would be used to build the Faculty of Veterinary Medicine after citing it at the present site of the university's secondary school.

According to him, the secondary school would be relocated to UNILORIN's mini campus and would be turned to an international school.