Financial Sustainability of Public Universities in Nigeria: A Critical Review

Ndubuisi-Okolo Purity Uzoamaka and Dibua Emmanuel Chijioke
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Ndubuisi-Okolo Purity Uzoamaka: Department of Business Administration, Faculty of Management Sciences, Nnamdi Azikiwe University, Awka, Anambra State, Nigeria.
Dibua Emmanuel Chijioke: Department of Business Administration, Faculty of Management Sciences, Nnamdi Azikiwe University, Awka, Anambra State, Nigeria.

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Abstract: The pivotal element downplaying the efficacy of education in public universities in Nigeria is inadequate funding. This under-funding has degenerated to poor equipment of laboratories, materials cum poorly equipped classrooms. This paper leaned on financial sustainability of public universities in Nigeria. Specifically, its aim was to fish out factors militating against financial sustainability of public universities in Nigeria cum proffering solutions on how to redress them. Qualitative research approach was employed. Findings revealed that paucity of autonomy, poor management; political quagmire and insufficient funding are factors hampering financial sustainability of public universities while complete autonomy, federal/private funding, huge budget allocation, donor support and adopting foreign patterns of public universities' funding are valuable means of achieving financial sustainability of public universities in Nigeria. We, therefore, recommend that universities need to generate considerable money from other sources such as grants, consultancies, business ventures, returns on investments and alumni. Nigerian public universities need to engage their alumni as partners, as universities in other climes do especially the North America. Also, Nigerian public universities must re-invent themselves as entrepreneurial and boundary-spanning hubs by working assiduously with industry players to solve society's problems.

Date: 2023-06-02
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Published in Asian Journal of Economics, Finance and Management , 2023, 5 (1), pp.162-170

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