Adopt creative financial models to overcome funding challenges _–Uzodimma
Imo State Governor, Senator Hope Uzodimma has canvassed creative financial models among public universities so as to overcome their present funding challenges.
He argued that since it was now obvious that government alone cannot sustain the funding of public universities, the authorities must devise creative ways of financial sustenance.
Uzodimma spoke at the maiden Convocation Lecture of Federal University, Birnin Kebbi, where he insisted that the universities’ authorities must work with other major stakeholders to embrace other sources of funding outside government.
” To the university administrators, I challenge you to embrace innovation, seek out new funding sources, and manage resources with the utmost efficiency and transparency,” he said.
The Governor who spoke on the topic; THE CHALLENGES OF FUNDING PUBLIC UNIVERSITIES IN NIGERIA: PATHWAYS TO SUSTAINABLE TERTIARY EDUCATION, however noted that government should not entirely abdicate its role in funding the universities.
He acknowledged that the current sources of funding for universities, namely budgetary allocations, tuition fees, research grants, and Tetfund and alumni contributions, were not enough and needed to be supported by other areas.
He noted that diversification of revenue sources, enhanced internal revenue generation capabilities, and public, private partnership were ways that should be deepened for enhanced funding.
The convocation lecturer was emphatic that given the contributions of public universities to national development, especially in human capital development, there was need for all relevant stakeholders to tackle the issue of dwindling funding for the institutions.
He challenged those in government to prioritise education in the national budget
“and create policies that encourage investment in Nigerian universities.”
Uzodimma also invited the private sector not to see universities as charity cases,
“but as partners in driving innovation and economic growth.”
According to him, the “private sector should invest in our institutions, collaborate on research and help shape the workforce of tomorrow.”
The Governor said investment in tertiary institutions in Nigeria must be treated by all stakeholders as a commitment to the nation’s “progress and development.”
Said he: “Sustainable funding for public universities is crucial for producing skilled graduates, driving innovation and addressing societal challenges.”
Uzodimma noted that the pathway forward towards the attainment of that aspiration was having a strong political leadership championing it with other stakeholders assisting to “transform the higher education sector into a powerful engine for economic growth, social progress and global relevance.”
