Alausa Backs UNIBEN's N100bn Fund, Urges Universities To Diversify Financing

The Minister of Education, Dr. Tunji Alausa, has endorsed the University of Benin’s (UNIBEN) N100 billion Trust Development Fund, describing it as a model for sustainable university financing that aligns with the federal government’s education reform agenda and urging other tertiary institutions to adopt similar initiatives.

Speaking at the inauguration of the fund in Benin City at the weekend, Alausa said the initiative supports the Nigerian Education Sector Renewal Initiative (NERSRI), which seeks to reposition the country’s education system through innovation, strategic partnerships, improved governance, digital transformation, expanded access and sustainable financing.

Represented by the pioneer Vice-Chancellor of the National University of Science and Technology, Abuja, Prof. Joseph Ahaneku, the minister said the fund demonstrates the kind of collaboration required to make Nigerian universities globally competitive.

“This initiative aligns perfectly with the Federal Ministry of Education’s Nigerian Education Sector Renewal Initiative, NERSRI, which seeks to reposition education through innovation, strategic partnerships, improved governance, quality assurance, digital transformation, expanded access and sustainable financing,” he said.

Alausa stressed that government alone can no longer meet the growing financial demands of tertiary institutions, making alternative funding sources increasingly important.

“Every investment or donation made is an investment in the future of our nation, our youths and the generations yet unborn,” he said.

Expressing confidence that stronger partnerships would strengthen higher education, he added,”Together we can build institutions that are financially resilient, academically excellent, technologically advanced and globally competitive.”

The minister challenged universities, polytechnics, colleges of education, alumni associations, corporate organisations, philanthropists and other education stakeholders to replicate the initiative in support of sustainable financing for higher education.

Chairman of the occasion and former minister of works, Babatunde Fashola, said the Trust Development Fund became necessary because of the university’s growing student population and the mounting pressure on its infrastructure and academic facilities.

Fashola, an alumnus of UNIBEN, urged graduates and stakeholders to support the initiative, saying their contributions would help preserve the vision of the institution’s founding fathers.

Edo State governor Monday Okpebholo, also called on corporate organisations, distinguished alumni, philanthropists and development partners to contribute to the fund, stressing that sustainable universities are built through collaboration rather than government funding alone.

“Sustainable universities are built through partnerships among government, the private sector, alumni, philanthropists, development partners, and friends of the institution. The establishment of this Trust Development Fund is therefore a visionary initiative that deserves the support of all. Every investment made today is an investment in knowledge, innovation, national development, and future generations,” the governor said.

Chairman of the Trust Development Fund, Pastor Osagie Ize-Iyamu, described the N100 billion campaign as a strategic platform to complement government funding and mobilise long-term resources for the university’s growth.

“The hundred billion mega launch is more than a fund-raising exercise; it is a declaration of confidence in the university’s future and our collective determination to pursue excellence without compromise,” he said.

According to Ize-Iyamu, the fund will finance infrastructure expansion, research, teaching and learning, entrepreneurship, innovation, digital transformation and initiatives to improve students’ learning experience.

He assured prospective donors that the resources would be managed with “the highest standard of transparency, accountability, integrity and responsible stewardship.”

Vice-Chancellor of UNIBEN, Prof. Omoregie Edoba, said the Trust Development Fund was established to address persistent funding constraints, including overstretched infrastructure caused by rising student enrolment, inadequate research financing and the increasing demands of technological advancement.

He assured donors that every contribution would be transparently managed and efficiently deployed.