Former Lagos State University (LASU) Vice-Chancellor, Ibiyemi Olatunji-Bello, says public universities may need to charge at least ₦1 million per student yearly.
Olatunji-Bello made the statement while reflecting on her five-year tenure at LASU. She said the university spends over ₦1 billion every month on salaries. However, its ₦13 billion internally generated revenue (IGR) cannot cover the yearly payroll.
“All the N13bn IGR does not cover our salaries,” she said.
According to her, universities must find new ways to raise funds and remain financially stable.
Meanwhile, Olatunji-Bello said higher school fees could help universities achieve financial independence.
“So, universities that want to attain self-sustainability will have to increase school fees into millions,” she said.
She compared university fees with the cost of private secondary education. Some secondary schools, she noted, already charge more than ₦1 million per term. In contrast, some public universities still charge around ₦100,000 yearly.
As a result, the former LASU VC believes public universities need a major rethink of their funding models.
“So, any public university that wants to sustain financial independence will have to charge school fees of not less than N1 million per student,” she said.
She also stressed that quality education requires adequate funding. Her comments came after Education Minister Tunji Alausa urged public universities to diversify their funding. He said government funding alone cannot sustain Nigeria’s tertiary institutions.
