Ilorin, Oct. 24, 2023 – President Bola Tinubu has advised public universities in Nigeria to look for other revenue sources to complement government’s allocations.
Tinubu gave the advice on Tuesday at the combined 37th and 38th Convocation Ceremony of the University of Ilorin.
He said they should adopt private -public funding methods to meet their needs.
Tinubu, who was represented by the Minister of State for Education, Dr Yusuf Tanko Sununu, said public-private funding arrangement had been the trend globally.
“It was in realisation of this that the federal government signed into law the students’ loan board which will positively change the landscape of education in Nigeria.
“I call on corporate bodies, communities and individuals to support our universities.
“The practice all over the world is that public universities benefit heavily from government funding but also augment their income through private financing.
“A popular method is endowment. Assets are donated to them to generate investment income. Other methods of financing are tuition fees.
“Public- Private financing is the trend all over the world. With the right- mix of public and private financing, Nigerian universities can get the required resources they desperately need to elevate the level of university education in the country.”
Tinubu commended University of Ilorin for winning academic laurels and for its contributions to the growth and development of the country.
He advised the graduates to be good ambassadors of their parents, the school and the nation in their future endeavours.
Prof. Wahab Egbewole, the Vice Chancellor had said that a total of 1,457 graduands comprising 318 Ph.Ds, 88 Professional Masters, 976 Masters degrees and 75 PGDs were awarded degrees. (GBN)
