Financing

Even if we have a dedicated Federal Minister of Education, what are some of the changes he can implement to improve the finances of the education system. Most of the excuses given by universities are related to finances. “There is no money to pay lecturers, electricity, bills, up-keep etc.” This may be the case but the question that should be asked is what is being done with the funds currently available to them. 


An important change needed is for the Ministry of Education to create a foundation to solicit funds for universities. Hosting fundraisers with government officials, the private sector, and others to generate funds that can be provided to universities after universities apply using an application process. These foundation funds will be different from the budget available from the Federal and State governments and will be strictly monitored by the Ministry as failure to use the funds as directed will lead to a reduction in their allocated annual budgets. Universities will be allowed to create foundations to solicit funds from alumni and other sources. The university foundation will operate independently and will fund-raise for the university. This money from the university foundation provides an opportunity for the university to increase faculty pay and make the university attractive to the best professors. Any funds obtained must be reported to the Ministry. Other important financial changes are

·         Require state universities to justify any increases in tuition. If a university increases tuition, it must declare to the students a detailed reason for raise. This will make the university more accountable for the action it takes.

·         Money allocated to universities by the Federal Government must be distributed by the Ministry. This money will be distributed only to accredited universities that meet all the demands of the Ministry.