Yeah, Boston University does provide scholarships based on merit. Here are some of them:

Trustee Scholarship
Minimum Criteria: outstanding academic and leadership abilities
Separate application needed: No

Presidential Scholarship
Total Worth: $20,000
Eligibility: $20,000
Minimum Criteria: exceptional academic achievement
Application deadline: December 1

Thomas M. Menino Scholarship
Total Worth: full-tuition
Eligibility: full-tuition
Minimum Criteria: based on potentials
Application deadline: December 1

Boston University provides aids at an average of 47702 per student meeting 92% of students need. 100% of students with need receive financial aid at an average of 43252 need-based grant. They also provide other scholarships including Athletic Scholarships and BU Community Service Award.