By: Yusuf Akinpelu
The Vice-Chancellor of the University of Ibadan, Professor Idowu Olayinka, says the funding of education is a duty of all, and not the government alone.
Olayinka made this submission in his remark at the 9th Sigma Club Public Lecture held Saturday at the International Conference Centre, University of Ibadan.
Represented by the university’s Deputy Vice-Chancellor (Administration), Professor Kayode Adebowale, the VC blamed the paucity of fund to be the major challenge of the institution.
Quoting the Eliot Commission Report that brought into existence a host of universities in the country, he explained that funding of the universities had contribution formula.
“One of the challenges we face is funding. When the concept of university was being conceived, how it will be funded was designed. It is 70% will come from Nigeria and 30% from the British.”
This said, he, therefore, beckoned on the stakeholders in the private sector to lend a helping hand to Nigeria’s tertiary institutions.
“The public and private sectors must come together to fund the university,” he said.
He added that “Private universities constitute less than 6% of total enrolment of university students. This means that the private sector has a lot to do.”
He, however, called on the management of universities to be up and doing in moulding students into a readymade brand for the labour market.
“The challenge to the university is to be able to develop students so that when they graduate they will be able to be independent,” he advised.
While the UNESCO recommends the allocation of 26% of budget allocation to education, Nigeria’s allocation to the educational sector is still very low.
Allocation to education in the 2018 budget was N605.8 billion of N8.612 trillion total allocation for the year — representing a paltry 7.03% of the total.