Exploration of Pragmatic Funding Sources in Funding Higher Education in Nigeria

Abstract

The funding of academic institutions has always been a problematic issue irrespective of the economic environment within which the institutions operates. For this reason, institutions of higher learning in the developed world and to some extent in developing countries including Nigeria, are constantly exploring ways of achieving financial self-sufficiency. This is supported in the Nigerian National Policy on Education (Section 8:2004, revised) stating “Universities and other tertiary institutions are encouraged to explore other sources of funding such as endowments, consultancy services and commercial ventures”. Thus handling financial resources for academic institutions has posed a threat to the quality of their programs and hence the products. This paper suggests awareness for addressing the issue of financial shortfalls in Nigerian institutions of higher learning. This is achieved through detailed explanations of some possible avenues by which funds may be sourced to finance institutional programs and activities. Additionally, the paper provides insights on various external constrain on educational costs.

Key words: Pragmatic funding sources of higher education, external constrain on education cost.