The Tertiary Education Trust Fund TETFund, has emphasized the need for a new, sustainable funding model for tertiary education in Nigeria as a way to stop the ongoing industrial actions by different staff unions in the country’s government tertiary institutions that have been common in recent years.
Sonny Echono, the Executive Secretary of the TETFund, made the request in his speech on “Sustainable Funding of Tertiary Education in Nigeria” at the National Universities Commission’s, or NUC’s, 60th anniversary celebrations. In his own words: “Nigeria needs a new model of sustainable funding for tertiary education. There are three crucial areas that require attention.
“The first is the government funding, which is currently below the global average and needs to be increased and deployed in a more transparent manner and better managed. An increase in Education Tax to three percent will address this imperative.
“The second is the University curricula. It needs a revamp to produce graduates who are better suited to the realities of the national economy, which is an economy that cannot offer more formal employment at present, but rather needs job creators. Faithful implementation of the Triple-Helix-Model of government, academic and industry collaboration will upscale private sector contribution and demands, and ultimately deliver benefits to all.
“The third is for the nation’s universities to generate their income to complement government funding. Our universities should be encouraged and supported to seek additional revenue sources by developing a range of pathways and mechanisms, including ventures related to their core business of education delivery, research and services such as clinical medical facilities, agribusiness and consultancy services that would be self-financing to generate surplus to the institution and similar initiatives.”
Recalling many recommendations, the TETFund boss said: “Government should allow full implementation of the 2004 Universities Miscellaneous (Autonomy) Act, which empowers University Councils to take full charge of their operations and development; limit its role to overall policy framework, regulation and the creation/strengthening of institutions such as NUC, TETFund, Education Bank, Federal Scholarship Board and a Students Loans Board to address the multifaceted challenges of education; Continue to provide scholarship and bursary for exceptionally gifted scholars and verifiable indigent students based on income levels of parents and other discernable criteria,” He stated.