Funding of University Education in Subsidy Removal Era in Nigeria
Keywords:Subsidy Removal, University Education, Petrol Price
The increment in the petrol prices had an immediate impact on school administration and management in Nigeria – online and physical. For example, educational resources needed for the administration of schools across the country have gone high due to the withdrawal of the fuel subsidy on petroleum products. The removal of subsidy led to inflation which automatically increased the operating costs of educational institutions, especially the universities. The increment in petrol prices makes it impossible for university administrators to effectively administer the universities. Based on this, this paper aims to look at the various means to generate funds for effective funding of university education in the subsidy removal era in Nigeria. Depending on secondary data that were obtained from print and online publications, the paper established that there are many funding strategies options available to the university administrators to explore in the era of subsidy removal in Nigeria and some of the funding strategies include; demand for increment in the budgetary allocation of universities, increment in internally generated revenue, adoption of public private partnerships (PPPs) models, alumni supports, international development agencies collaboration, donations from individuals and charitable organizations, use of university resources and tuition fees increment.