Education

FG Hints at Alternative Funding For Tertiary Education to Address Academic Challenges

The Federal Government has mulled the need to explore alternative means of funding for tertiary education in Nigeria amid academic disruption caused by the Academic Staff Union of Universities (ASUU)

Investors King reported that academic activities in public universities in Nigeria were disrupted for about eight months. 

Speaking at a public event organised by the House of Representatives, the Minister for Works and Former Governor of Lagos State, Babatunde Fashola noted that alternative funding seems to be the only forward-looking way to fund tertiary education in Nigeria. 

While acknowledging that tertiary education needs collective funding from all levels of government, he however highlights areas where the universities and polytechnics could generate funds to include printing press and consultancy services. 

“University consultancy services, data provision, poll results, value data, and printing press are value proposals of alternatives for tertiary Institutions,” he said. 

Fashola also disapproved of the autonomy sought by lecturers in tertiary education. He noted that it is a big issue that needs to be addressed going forward. 

Also speaking at the event is the Director General of the budget office of the federation, Benjamin Akabueze. 

Akabueze who aligned himself with the position of the minister noted that the current system of funding can not feed the tertiary education sector. 

‘There has to be sustainable funding of tertiary education. We can’t continue with the current system because it is not working and not sustainable.” he stated. 

Nonetheless, the event also witnessed opposing opinions, particularly from Professor Uduak Ekpo. A professor of education at the University of Calabar

Ekpo disagrees with the earlier position established by both Fashola and Akabueze. He noted that if lecturers are saddled with the responsibility of funding, it will affect the quality of education and research. 

He concluded that the funding might still not be successful noting that lectures are better off in the classrooms or labs. 

On his part, the President of the Academic Staff Union of Universities, Professor Emmanuel Osodeke bemoaned any idea to increase the fee paid by students in search of alternative funding. He noted that with the level of poverty and the state of the economy, many students will not be able to afford any increase.

Investors King

Share
Published by
Investors King

Recent Posts

Conoil Reports 60.5% Revenue Surge in 2024, Profit Jumps to ₦11.39 Billion

Conoil Plc, a leading downstream oil and gas company, has reported a 60.5% surge in…

18 hours ago

Oando Plc Reports N65.5bn Profit as Revenue Surges 45% in 2024

Oando Plc recorded strong financial growth in full-year 2024 as revenue rose by 45% to…

2 days ago

BUA Foods Plc Reports N73.4bn Profit as Revenue More Than Doubles in 2024

BUA Foods Plc has delivered an exceptional financial performance in full-year 2024 with turnover surging…

2 days ago

VFD Group Plc Rebounds to N12.46bn PBT in 2024 as Earnings Surge 85%

VFD Group Plc rebounded from a N1.02 billion pre-tax loss in 2023 to post a…

2 days ago

Stanbic IBTC Posts N303.8bn PBT in 2024 as Interest Income Soars

Stanbic IBTC grew Profit Before Tax (PBT) by 76% year-on-year (y-o-y) to N303.8 billion in…

2 days ago

Sterling Financial Holdings’ Profit Surges 97% to N44.8bn in 2024

Sterling Financial Holdings Company Plc grew gross earnings by 54.2% year-on-year (y-o-y) from N212.9 billion…

2 days ago