(JOHN ARCHERS, 2022) Fabayo, Joseph A.; Ololade, Moses B.; Ogbeide, Sunday O.
THE employment of strategies for
funding by university administrators to drive operations cannot be over emphasised.
In the light of present-day economic challenges, where institutions, government
agencies, departments and the government at the three levels are struggling to pay
salaries and meet up with other administrative costs, private and public universities
as well as colleges of education and polytechnics whose vision is skewed towards
excellence and productivity, cannot afford to completely depend on tuition fee for
financing and sustainability. The cause of financial setback in most tertiary
institutions is premised on relying on one source of revenue generation. For most
private universities, they mainly depend on fees from students, while for public
universities, government monthly subventions and student tuition fees are
predominantly the sources of revenue; yet, the challenges are continually on the
ascendancy. Thus, the aim of this chapter is to x-ray factors driving university
self–financing (funding) in the present-day university education system in Nigeria
and financial autonomy of the universities including the challenges of universities’
funding and financial autonomy.