Authorities of the Olabisi Onabanjo University (OOU) in southwest town of Ago-Iwoye said in a statement that they sacked a total of 1,076 workers, including 94 teachers, in a restructuring exercise.
The new management of OOU inaugurated earlier this year said that it met a total debt burden of 1.9 billion naira (US$12.7 million, €8.64 million) and an "overbloated workforce, far in excess of need."
The monthly salaries of workers which stood at 65 million naira (US$436,000, €296,000) in 2006, ballooned by almost four times to 248 million naira this year, it said.
Departments and faculties in the university were also cut to save costs, it said.
Source: AFP
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