Governor Seyi Makinde of Oyo State, has approved the payment of the sum of N8 billion to Osun State Government as an asset sharing agreement on the ownership of Ladoke Akintola University of Technology (LAUTECH) Ogbomoso.
The approval followed the ceding of the institution to Oyo State government.
Oyo and Osun had last year agreed to share the property of the institution, which was jointly owned by the two states.
Makinde on Tuesday approved the payment of the sum of eight billion naira as parts of ways to fulfil the agreement.
Commissioner for Education, Barrister Olasunkanmi Olaleye, made this development kmown to newsmen.
He added that the payment would be paid in three installments spread over a period of three years.
The commissioner expressed that N1 billion will be paid in January and December while N3 billion will be paid in 2022 and 2023.
Olaleye spoke after the Executive Council meeting held on Tuesday in Ibadan.