…. says “depending on government alone or the TETFUND for development of infrastructure is not sustainable.”
THE Vice President of Nigeria, Professor Yemi Osinbajo, SAN, has clamoured for the adoption of other viable sources of funding for the effective administration of public universities in Nigeria.
The Vice President made this call on Thursday, while he welcomed a delegation from the Olabisi Onabanjo University (OOU), led by the Vice Chancellor of the school, Prof. Ayodeji Abgoola at the Presidential Villa in Abuja.
The vice president who lamented that funds allocated in the budgets are not enough to keep the public universities in Nigeria running, noted that the future of public universities in Nigeria depend largely on the adoption of other mediums of fundings.
In his words: “Funding in the university system has to be diversified. The system has to find a way to sustain itself. We really have to look carefully at how universities can make money independently. Whether it is an endowment or some other way, adopting a business model.”
Drawing analogy from top universities in the world, Professor Osinbajo noted that “All of the great universities around the world have endowment funds. Raising money through independent sources for funding university education is a serious thing”
He also pleaded that OOU should consider other sources of fundings for the running of the school activities while advising them that “depending on government alone or the TETFUND for development of infrastructure is not sustainable.”
As a suggestion on how to go about with creating other funds endowment sources, VP Osinbajo said: “I encourage you to create an endowment fund, in addition to the other approaches that you will adopt. Olabisi Onabanjo University can become a model for others but it has to have independent sources of raising funds.
“There should be serious-minded people running the endowment office. This is the future and way forward for the university system in Nigeria. If you do it well, the university will really excel.”