Global Best Practices of Financing Tertiary Education in Nigeria: A Synthetic Literature Review
Keywords:
Global, Best Practices, Financing, Tertiary EducationAbstract
The chronic underfunding of tertiary institutions by the Nigerian government has necessitated the search for alternative financing models aligned with global best practices. This paper examines these practices in the context of addressing the financial challenges faced by Nigeria's higher education system. Historically, public universities in Nigeria have been predominantly funded by the government, which has retained significant control over university administration. However, this approach has become unsustainable due to the government's competing financial priorities and the frequent disruptions caused by industrial actions from university unions. The study highlights the need for innovative and sustainable funding mechanisms to foster the growth and development of tertiary education. Drawing lessons from developed countries, three key financing models are explored: the bureaucratic, collegial, and market-based models. The paper posits that the market-based model—centered on the establishment of endowment funds and attracting donations from stakeholders—offers the greatest potential for long-term sustainability. This approach is proposed as a viable strategy to secure resources for strategic projects and institutional development. The study critically evaluates these models, advocating for the adoption of the most suitable one to ensure the financial stability and advancement of Nigeria's tertiary education system.
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