Composite Funding Strategies for Effective Management of Public Universities in Nigeria

Abstract

Despite the fact that availability of financial resources is a very influential factor for the delivery of quality education, public universities in Nigeria are still bedeviled with serious difficulties in securing adequate funding. This has undoubtedly limited them from delivering a world class education. The paper examined composite funding strategies with the aim of addressing identifiable challenges and promoting effective management within Nigerian public universities. Key concepts were discussed and properly linked with the need for adequate and sustainable finance for the institutions and the current funding situation. It highlighted the significance of composite funding strategies in ensuring improved service delivery of public universities in Nigeria. The limitations associated with public university funding were discussed, including insufficient budget allocations, limited IGR, and limited access to grants. Traditional funding sources, such as government allocations, IGR, TETFund, as well as alternative funding strategies, like public-private partnerships, philanthropic donations, etc., were discussed. It also discussed the potential for international collaborations and funding opportunities, such as the benefits of research collaborations and scholarships for Nigerian students, home and abroad. It underscored the importance of transparent budget planning, resource allocation, and accountability in achieving sustainable funds within public universities. It concluded by emphasizing the need for composite funding strategies as the practicable means of overcoming funding challenges for enhanced management of public universities in Nigeria. It recommended that diversification of funding sources, promotion of partnerships, and application of effective financial management practices are the models to ensure adequate