The Tertiary Education Trust Fund (TETfund) has identified deteriorating infrastructure and insufficient lecturer remuneration as key factors contributing to the decline in revenue and increased corruption in Nigeria.
Speaking at the 51st convocation of the University of Nigeria, Nsukka, TETfund’s Executive Secretary, Sonny Echono, emphasized the need for Nigerian public universities to adopt a sustainable funding model for self-sufficiency.
He urged universities to diversify into core educational activities, research, and self-financing ventures like consultancy, clinical medical services, agribusiness, technology parks, and innovation hubs.
In his lecture titled “University Autonomy and the Challenge of Sustainable Education Funding in Nigeria,” Echono highlighted the negative impact of over-reliance on government funding, leading to revenue shortfalls, budgetary constraints, and other competing needs. He called for a shift in mindset and increased stakeholder involvement in education financing.
According to Echono, the future of university education in Nigeria hinges on sustainable funding. He stressed the importance of exploring innovative and sustainable funding models to address challenges in the tertiary education system, citing the frequent industrial actions by university staff unions over funding issues.
The Vice-Chancellor of the University of Nigeria, Prof Charles Igwe, announced the conferral of bachelor degrees and diplomas on deserving graduands of the 2020/2021 class during the convocation. Igwe revealed that 288 graduands earned first-class honors, while a total of 4,853 graduated.
The Chancellor and the Ooni of Ife, Oba Adeyeye Ogunwusi, congratulated the graduates and their families, praising the University of Nigeria for consistently producing a high-quality and dependable workforce essential for national and global development.
