The Joint Admissions and Matriculation Board (JAMB) announced on Monday that it has remitted over ₦6 billion to the federal government as part of its operating surplus for the 2024 fiscal year.
The funds were generated after the successful conduct of the 2024 Unified Tertiary Matriculation Examination (UTME) and reflect the Board’s commitment to financial accountability and transparency.
In a statement released by JAMB, the Board disclosed that it has, over the past seven years, contributed more than ₦50 billion in operating surpluses to the national treasury.
This remarkable feat has been achieved under the leadership of its Registrar/Chief Executive, Professor Is-haq Oloyede, who has consistently prioritized efficiency, innovation, and prudent financial management since his appointment.
A Year of Significant Achievements
According to the latest JAMB Bulletin, the Board generated a total income of ₦22,996,653,265.25 in 2024. This income was derived from examination fees, service charges, and other revenue streams related to its operations.
The report highlighted that the Board spent ₦18,198,739,362.68 on conducting the 2024 UTME and other essential expenditures. These expenses included payments to service providers, logistical costs, and staff claims, which amounted to ₦2,119,571,022.88.
The surplus of over ₦6 billion remitted to the government is part of JAMB’s commitment to ensuring that its operations benefit not only its candidates but also the nation at large. In addition to this remittance, the Board implemented a policy of reducing the cost of
UTME forms by ₦1,500 per candidate. This subsidy resulted in a further indirect contribution to the national economy, amounting to ₦2,978,463,000. When combined with the direct remittance, JAMB’s total contribution for 2024 stands at ₦9,013,068,510.69.
Commitment to Transparency and Innovation
JAMB described 2024 as a pivotal year, marked by the fruition of various innovative measures it has implemented in recent years. The Board emphasized its commitment to maintaining transparency and accountability in its financial dealings. According to the statement, the surplus remittance and other achievements underscore the impact of reforms introduced under Professor Oloyede’s administration.
“As we reflect on 2024, it is essential to uphold our commitment to transparency by sharing our financial performance for the year. In 2024, the Board generated a total income of ₦22,996,653,265.25, demonstrating our ability to effectively manage resources and optimize operational efficiency,” the statement partly read.
Efficiency and Reforms: The Oloyede Legacy
Under the leadership of Professor Oloyede, JAMB has undergone a significant transformation in its operational processes. His administration introduced several reforms aimed at curbing corruption, reducing wastage, and improving the overall efficiency of the Board. Key among these reforms are the adoption of technology-driven solutions, stricter monitoring of examination conduct, and the elimination of fraudulent practices.
One of the notable reforms is the reduction in the cost of UTME and Direct Entry forms, which has not only eased the financial burden on candidates and their families but has also increased access to higher education opportunities. The Board has consistently maintained its focus on providing quality service to candidates while ensuring that its operations remain financially sustainable.
A Model for Public Institutions
JAMB’s financial performance over the years has set a benchmark for other public institutions in Nigeria. By remitting significant sums to the national treasury, the Board has demonstrated that public institutions can be both efficient and profitable. This performance has also bolstered public confidence in the Board’s operations and reaffirmed its role as a key player in Nigeria’s education sector.
The Board’s ability to generate substantial revenue while maintaining affordability for candidates is a testament to its commitment to balancing profitability with social responsibility. JAMB’s achievements have earned widespread commendation, with stakeholders across the education sector praising its efforts to uphold transparency, efficiency, and integrity.
Looking Ahead
As JAMB prepares for future examinations, it remains committed to sustaining its reforms and improving its services. The Board plans to continue leveraging technology to enhance its operations, minimize examination malpractice, and provide a seamless experience for candidates. Additionally, JAMB has pledged to maintain its tradition of transparency by regularly publishing its financial performance and other operational updates.
The achievements of 2024 mark a milestone in JAMB’s history, highlighting the Board’s capacity to contribute significantly to national development while fulfilling its mandate of conducting credible and transparent examinations. With over ₦50 billion remitted to the federal government in seven years, JAMB has cemented its position as one of Nigeria’s most efficient and accountable public institutions.
