Financing University Education in Nigeria | The Guardian Nigeria News

The factors inhibiting adequate funding of university education in Nigeria may best be situated under the influence of monetary economic theories and the enormity of the debt burden. A major shift was felt in the way Western countries applied aid to “third world nations”. The International Monetary Fund (IMF) and the World Bank have become interventionist in their approach to third world economies through structural adjustment programs (SAPs). With this came the rise in inflation, the collapse or fall in the price of crude oil, the instability of exchange rates and the increase in external debts.

As a result, government budget allocations could no longer match the increasing burden on universities! The concomitant neglect of the university as a potentially important engine of development is damaging. The ruling elites in Nigeria are giving knowledge a supporting role to politics and power!

Other crisis-generating factors that are a consequence of the persistent discord in the university system, resulting from inadequate funding, include: inadequate basic and essential facilities, the formulation of a new disadvantageous pension scheme, poor and demoralizing service and the disruption of federal scholarship and scholarship programs.

These are all shortcomings that erode performance.
What is needed to lift the Nigerian education system from the brink of collapse is a fundamental overhaul. An important step towards rebirth and sustainability is drastic reform that would reduce the University’s dependence on unsecured and declining government resources.

There is a need to explore other avenues of income to stimulate government subversion, if the University is to continue to survive, such as: 1. Engaging in fundraising activities and private sector participation in education. ‘education. 2. Financial resourcefulness and strengthening of the internal and external control system, for better and transparent management. 3. A double policy of rationalization. First, the government must reconstitute and expand the composition of the University Council to reflect the various interest groups and stakeholders associated with the activities of the university. Second, the current unprecedented proliferation of universities in Nigeria, without commensurate development and basic infrastructure, must be fought with frenzy. There should be mergers and acquisitions. 4. Continuation of intensive and extensive agricultural programs, in particular for universities in rural areas. 5. Establish a link between higher education and industry, commerce and agriculture, in order to fully realize the potentials of the system. 7.

According to the “National Education Policy”, education should be adequately funded as a social service, funded by all levels of government. 8. The Education Tax Fund, National Science and Technology Fund, Nigerian Bank Education Fund, Industrial Training Fund, Petroleum Trust Fund as well as TETFUND should be revived. , mobilized and made available to Nigerian education. 9. The NUC minimum standards should include a minimum annual budget allocation standard of at least 10-20 percent of Nigeria’s national budget. 10. A certain degree of institutional autonomy should be granted to the university, in order to facilitate economic diversity, so that the services are properly remunerated and the objectives actually achieved or achieved.

The above suggestions, if implemented, will go a long way in transforming and invigorating the system. Let us move forward with the momentum of a revolution!
Professor Ehi (AGE) is the former Director of the Institute for Continuing Education, the former Head of the Department of Philosophy at the University of Lagos and now a Visiting Fellow at the University of Ghana, Legon.

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