In order to effectively tackle the multifaceted problems bedevilling the country’s education sector, the Yar’Adua administration is expected to embark on far reaching reforms. However, the reformation of the sector centres around the issue of adequate funding.
Education financing, all over the world, is not the responsibility of only the government. Funding of tertiary education adequately can only be accomplished by all stakeholders including parents, alumni, individuals, philanthropists, communities and corporate organisations coming together.
Harvard University,Yale University, University of London, Oxford University and Cambridge University had their root in charity and are still being funded jointly through public and private sources.
At the end of the 2004 financial year, the Harvard University’s endowment was valued at $22.6 b. During the year under reference, the university had an income of $2,228.200,000.00 and not a single dollar of this amount came by way of government grant or subvention. Students’ income accounted for 23% while income from investments, current
use-gifts and sponsored research support made up the rest.
It is instructive to note that the Harvard University endowment fund is used to provide scholarship and support for a number of activities, to maintain libraries, museums and other collections as well as to support teaching and research activities. There is therefore the need for tertiary institutions in Nigeria to take more innovations in attracting endowment funds from various sources.
The role of a University Council in relation to funding is also crucial and strategic. For instance, Article 21(3)(a) of the University of London Act provides that without prejudice to the generality of their duties, the council “shall be responsible for obtaining, managing and allocating the finances and resources of the university.”
This law implies that the University Council should not only manage the funds of the institution but its members should also task themselves to “obtain” or raise funds from sources outside government grants.
Apart from the Governing Council of the University of Lagos under Chief Afe Babalola (SAN), councils of many universities in Nigeria are not living up to this expectation. To make councils functional in their statutory duty of raising funds for universities, membership should be limited to people, who have flair or at least interest in education and academic matters.
Tertiary institutions can also attract extra-governmental funds by establishing and maintaining close contacts with their alumni who are doing well financially all over the world. Alumni appreciate most the imperative of adequate funding of institutions of higher learning.
Unfortunately, not many institutions are in touch with their alumni who would have been donating to the endowment fund of their alma maters.
There is the need also for government to compel banks, national and multi-national companies, which declare several billions of naira as net profit annually, to contribute to the funding of universities and polytechnics in Nigeria.
The laws establishing universities recognize the important role of the vice chancellor to the survival and success of the university. Thus, as regard the need to fund the university from other sources, the vice chancellor should and must possess other important qualities apart from academic qualifications. He or she must be incorruptible and possess strong drive.
He or she must have vision and a deep sense of innovation and industry. He/she must be tireless and selfless. The vice chancellor or head of a tertiary institution must be accountable and place the interest of the institution above his or her personal interests. In addition, the vice chancellor must cooperate with the council to drive for money from local and international sources to fund the institution. A vice chancellor should not sit back and wait for money to come from government sources alone.
While parents and guardians who are financially comfortable should be ready to assist the institutions, students’ unions which often attract goodwill and funds from external organisations, politicians and other individuals should also be able to plough back these funds to the development of their alma mater and support the training of their indigent members.
Recourse to these sources of funds will, no doubt, go a long way in addressing the inadequate funding of tertiary education in Nigeria.
By Olubusuyi Adenipekun
