• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Monday, March 27, 2023
Leadership News
Read in Hausa
  • Home
  • 2023 ElectionsLive
  • News
    • World News
  • Politics
  • Business
  • Sports
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Others
    • How-to
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • 2023 ElectionsLive
  • News
    • World News
  • Politics
  • Business
  • Sports
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Others
    • How-to
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership News
No Result
View All Result

Echono Tasks Varsities To Develop Ways Of Generating Income

by Henry Tyohemba
4 months ago
in News
Reading Time: 2 mins read
TETFund
Share on WhatsAppShare on FacebookShare on TwitterTelegram

The executive secretary, Tertiary Education Trust Fund (TETFund), Arch. Sonny Echono has said with the current economic fluctuations in the country, Nigerian Universities need to develop ways of generating income to complement the government efforts.

Echono stated this while delivering a speech on sustainable funding of tertiary education in Nigeria, during the 60th anniversary celebration of National Universities Commission (NUC) in Abuja.

He urged higher institutions to fully embrace their roles as economic contributors, along with research and teaching.

“Our Universities should be encouraged and supported to seek for additional revenue sources by developing a range of pathways and mechanisms, including ventures related to their core business of education delivery, research and services such as clinical medical facilities, agribusiness and consultancy services that would be self-financing to generate surplus to the institution and similar initiatives.

The Executive Secretary said the near total dependence on Government for Education funding is no longer sustainable, while  saying that public tertiary institutions in Nigeria are facing the twin pressure of rising demand and fiscal constraint.

“The country is grappling with a rapidly growing population and declining revenue due to corruption (oil theft) and greater vulnerability to fluctuations in price of oil and the inherent financial sustainability risk.  It is, therefore, evident that near total dependence on Government for Education funding is no longer sustainable.

RELATED

Gen Diya To Get State Burial, Says Gov Abiodun

Gen Diya To Get State Burial, Says Gov Abiodun

29 mins ago
Nigeria’s American Varsity Appoints Frazier As President/Vice Chancellor

Nigeria’s American Varsity Appoints Frazier As President/Vice Chancellor

2 hours ago

“The National Policy on Education provides that basic education, which is seen as a fundamental right of every citizen, should be free and compulsory in the country.  However, tertiary education, which provides a full range of learning options and opportunities, is an investment with lifelong returns to the individual.

“Increased social demand for tertiary education in Nigeria and the desire of the country to participate in the knowledge economy have generated the need for greater investment in tertiary education through sustainable funding. But the question is, where will the funds for the needed investments come from?”

Echono further also the rapid expansion of the higher education system, particularly over the last few decades, coupled with the re-occurring global economic crisis and fiscal stringency arising from the structure and poor management of the economy, has affected the funding of tertiary education institutions in Nigeria.

This, according to him, has exacerbated the endemic problem of poor quality of graduates, overcrowding in classrooms, outdated curricula and deteriorating facilities. Others include high students-lecturer ratio, high ratio of non-teaching staff to teaching staff, inadequate motivation of academic staff and consequential inability to attract academics from across the globe as well as a shift of recurrent expenditures to salaries, and neglect of other essentials such as library, educational materials and complimentary facilities.

The Executive Secretary also stressed that the incessant industrial actions, over the last few decades, by various staff unions in our tertiary institutions, bordering on challenges of funding, have further heightened the need to explore innovative, sustainable funding regimes for tertiary education in the country.

“This implies rethinking stakeholders’ involvement in education financing to secure a qualitative and functional tertiary education system, which is an essential tool for sustainable development.

“A new model of sustainable funding for tertiary education in Nigeria is needed. There are three fundamental areas that need to be addressed.

“The first is the government funding, which is currently below the global average and needs to be increased and deployed in a more transparent manner and better managed,” he said.

An increase in Education Tax to 3%, Echono said will address some of the challenges and fulfil the President’s pledge to the Global Partnership for Education (GPE).

SendShareTweetShare

Previous Post

Olatomirin Appointed Information Officer Of Bamidele Olumilua Varsity

Next Post

Zulum Presents Appropriation Bill Of N234.8bn To Borno Assembly

Henry Tyohemba

Henry Tyohemba

YOU MAY LIKE

Gen Diya To Get State Burial, Says Gov Abiodun
News

Gen Diya To Get State Burial, Says Gov Abiodun

29 mins ago
Nigeria’s American Varsity Appoints Frazier As President/Vice Chancellor
News

Nigeria’s American Varsity Appoints Frazier As President/Vice Chancellor

2 hours ago
Parents Of 14 Rescued Chibok Girls Seek Daughters’ Return To School 
News

Parents Of 14 Rescued Chibok Girls Seek Daughters’ Return To School 

2 hours ago
Next Post
Zulum Lauded For Building 19 Mega Schools, Fixing 600 Classrooms

Zulum Presents Appropriation Bill Of N234.8bn To Borno Assembly

ADVERTISEMENT

LATEST UPDATES

Gen Diya To Get State Burial, Says Gov Abiodun

Gen Diya To Get State Burial, Says Gov Abiodun

March 27, 2023
Understanding Online Casinos For New Nigerian Players

Understanding Online Casinos For New Nigerian Players

March 27, 2023
Leave Us Out Of Your Travails, APC Tells PDP Chair Ayu

PDP Ward Executives Disown Ayu’s ‘Suspension’ Letter, Says Signatures Forged 

March 27, 2023
Nigeria’s American Varsity Appoints Frazier As President/Vice Chancellor

Nigeria’s American Varsity Appoints Frazier As President/Vice Chancellor

March 27, 2023
JUST-IN: Pro-Tinubu Groups Storm Abuja Streets, Protest Against Interim Govt

JUST-IN: Pro-Tinubu Groups Storm Abuja Streets, Protest Against Interim Govt

March 27, 2023
Paris 2024 Race: Guinea Hold Olympic Eagles To Goalless In Abuja

2023 AFCON Qualifier: Super Eagles Set To Bounce Back Against Guinea Bissau

March 27, 2023
Parents Of 14 Rescued Chibok Girls Seek Daughters’ Return To School 

Parents Of 14 Rescued Chibok Girls Seek Daughters’ Return To School 

March 27, 2023
Why Idahosa Should Be Next Edo Governor – Group

Why Idahosa Should Be Next Edo Governor – Group

March 27, 2023

© 2023 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • 2023 Elections
  • News
    • World News
  • Politics
  • Business
  • Sports
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Others
    • How-to
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2023 Leadership Media Group - All Rights Reserved.