The West African Examination Council (WAEC) has responded to the allegation made against WAEC by the incumbent Finance Minister Kemi Adeosun.
While testifying during a NASS hearing, Adeosun alleged that one of the exams body in the country made N16 billion from sale of forms and other services, and got additional N6 billion from the federal government bringing the total to ‘N24 billion’ yet remitted only N2 million to the federation account.
According to reliable sources, the Registrar of WAEC, Dr. Iyi Uwadiae, reacted as follows: “It’s not enough to go to the Senate and reel out figures. The minister should know, that what Nigerian students pay to sit for WAEC examinations is simply an operational/ management cost, that covers registration, data keeping and management, printing of examination papers, logistics, marking of scripts and production of certificates. And all these cost about N16 billion Naira.
“WAEC examination is not designed as a revenue generating source for the Federal Government. In fact governments in the past subsidized the examination fees, just to encourage education. The N6 billion she talked about is for payment of salaries and overheads for staff of the council.
“However, we do not know the mathematical formula the Honourable Minister used, when she said the summation of N16 billion Naira and N6 billion Naira was N24 billion Naira.
“I think somebody needs to resit her WAEC mathematics examination. And we in WAEC have offered to give her a free WAEC form in this respect.”