FUNDING OF UNIVERSITY EDUCATION IN NIGERIA: CHALLENGES AND PROSPECTS
Abstract
Higher education is the instrument par excellence for development and there is the ultimate need to make it relevant and responsive to the needs of the society. A reliable and sufficient funding platform is a necessity for achieving access to and excellence in university education in Africa. Sources and systems of funding for Nigerian Universities have proven inadequate and innovative or alternative funding mechanisms have become very important more than ever before. This paper examines the funding debacle in Public and Private Universities in Nigeria. It presents the case study of Nigeria Higher Education Foundation (NHEF). Using the secondary data research methodology, it finds that private higher education is the fastest growing segment of higher education worldwide and African universities can as well be more active in getting funds from local institutions and global philanthropic support sources. It recommends, amongst others, the putting in place of a National University educational budget reform which gives unflinching priority to allocation of more funds and that actualizing the realization of suggested intensified creative financing strategies should be the responsibility of all major stakeholders of University education in Nigeria.
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DOI: http://dx.doi.org/10.46827/ejsss.v0i0.227
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