The Executive Secretary of TETFUND, Arch. Sonny Echono, has proposed a sustainable funding model for tertiary education in Nigeria. This assertion was made during his lecture at the 51st Convocation ceremony of the University of Nigeria, Nsukka, themed “University Autonomy And The Challenge of Sustainable Education Funding in Nigeria”.
Echono emphasized three crucial areas that require attention, starting with funding, which is currently below the global average and needs to be increased and managed more transparently.
He commended the recent 3% increase in education tax and urged for additional budgetary allocations. The second area highlighted was the need for a revamped university curriculum to produce graduates better suited to the national economy, which requires job creators rather than more formal employment.
He further stressed the importance of universities generating their income to complement government funding, especially during economic fluctuations. Echono proposed a sustainable funding solution, including cost-sharing through students’ tuition fees and institutionalizing the recently introduced student loan scheme.
In addressing University Autonomy, Echono suggested that universities should govern themselves, control student admissions, and academic curricula without undue interference from the federal government, citing the Universities Autonomy Act No. 1, 2007.
He concluded by emphasizing the need to explore innovative, sustainable funding models for university education, particularly in response to the frequent industrial actions by university staff unions due to funding challenges. The rethinking of stakeholder involvement in education financing is essential for a qualitative and functional tertiary education system, crucial for sustainable development.
