Deputy Speaker Proposes Self-funding Mechanisms For Varsities

Deputy Speaker of the House of Representatives, Hon. Benjamin Kalu, has enjoined vice chancellors of universities in Nigeria to leverage the contributions of the alumni associations and other endowment funds to finance education.

He said they are the innovative funding models that will provide the financial stability  to propel the universities to greater heights.

Kalu  made these suggestions in his goodwill message at the opening of the 61st anniversary and 36th Conference of the Committee of Vice Chancellors of Nigerian Universities (CVCNU) with the theme: “60 years of Leadership in Nigerian Universities” held at Baze University, Abuja yesterday.

 He said one of the key areas where Nigerian universities can chart a new course for sustainable development is in innovative funding models.

Kalu said his position was informed by the efforts to leverage the vast network of alumni and the Triple-Helix model, involving collaboration with industries and the government.

He said this approach aligns with global best practices in countries such as the United States, the United Kingdom and Australia, where endowment funds managed by capital market fund managers and venture capitalists have played a pivotal role in financing higher education.

“It is my sincere hope that these innovative funding models will provide the financial stability needed to propel our universities to even greater heights.

“As we explore these avenues, let us remember that the pursuit of knowledge and the advancement of education are noble endeavors worthy of our collective support.

“The first, second, and third generation publicly owned higher education institutions have an upper-hand if they follow this approach, solely by looking at their respective extensive Alumni for initial deals structuring and setting up of the endowment funds,” the Deputy Speaker noted.

In a statement by his Chief Press Secretary, Levinus Nwabughiogu, Kalu also applauded the Committee of Vice Chancellors for its higher education leadership programme on strategic thinking for managing challenging times and creative financing of the universities and other tertiary institutions.

He said such initiatives are essential in equipping Nigeria’s academic leaders with the skills and strategies needed to navigate the complex landscape of higher education in the 21st century.

Kalu pledged the partnership of the parliament with the universities and other stakeholders in the education sector and urged the Committee to also address the issues of gender equity, diversity, and inclusion while also considering the role of technology and the impact of Artificial Intelligence (AI) in the future of Nigerian education.