Oyo State Scholarship Board which was moribund since 1983 was resuscitated in year 2008 as a Parastatal under the Ministry of Education.  The Board among its equals, has been performing its statutory functions by giving financial assistance to Oyo State indigent students in tertiary Institutions.  The Board has its members made of technocrats with varying degrees of experience in academics, administration and Public Service.

• To give Scholarship awards to brilliant Oyo State indigent students in all the tertiary institutions nationwide and abroad.
• To give financial assistance in terms of bursary allowance to all Oyo State indigenes in all the tertiary institutions nationwide.
• To promote academic excellence that will transform and reposition education industry in Oyo State.
• To be proactive in the training of manpower for Oyo State tertiary institutions and the nation as a whole.