No profit from Covenant Varsity – Oyedepo

The Chancellor of Covenant University, Bishop David Oyedepo has said that Living Faith Church Worldwide has not made any profit from its university since inception.
The university which was founded in 2002 is one of the institutions with a very high tuition fee which ranges from N799, 500 to N819, 500 per session.
However, while responding to a question on why his university charges high tuition fee, Oyedepo said that people need to find out what the students at Covenant University are paying for.
“Compare what they pay here and there and what those payments cover. The rate of power consumption in the hostels alone is out of this world. All we need to juxtapose this is that they should rent the room and pay for electricity and they would pay ten times the amount.
“People should just sit down and find out what exactly they are paying for. The church has not drawn anything from Covenant University since inception in 12 years. But this year, the church reserves about N1.6bn stakes in its development. So, it’s not a business, it’s a service platform.’’
Oyedepo statement implied that the tuition fee students pay is worth the service the institution renders.
“In every nation of the world, the government subsidises education to all the stakeholders, not in this country, not a dime has ever crossed from government to any private university in Nigeria. And ask those who are in it how much profit they are making, they would explain to you how it has been wonderful to pay staff salaries and keep the system running. Move to the next country where people rush to study, look at how much they pay and what they get for it. Whether they have teachers or not, doesn’t matter.’’
At present the tuition fee of the university has been increased to N799, 500, which the Bishop claimed was approved by God, and warned people to stop criticising Covenant University school fees or face God’s wrath.

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