Tinubu said the right mix of public and private financing would aid Nigerian universities.
By Jeffrey Agbo
President Bola Tinubu has urged a public-private financing of universities in Nigeria to make the standard of the education sector greater.
He spoke on Monday at the grand finale of the combined 37th and 38th convocation of the University of Ilorin.
The president, who was represented by the Minister of State for Education, Yusuf Sununu, said that the right mix of public and private financing would aid Nigerian universities to get the required resources they need to elevate the level of university education in the country.
Tinubu, who called on corporate bodies, communities and individuals to support the universities, said the government’s new arrangement of loan for students was appropriate in the public-private financing he was championing.
He stated: “The practice all over the world is that public universities benefit heavily from government funding but also augment their income through private financing.
“It was in realisation of this that the Federal Government signed into law the students’ loan which will positively change the landscape of education in Nigeria.
“A popular method is endowment. Assets are donated to them to generate investment income. Other methods of financing are tuition fees. Public-Private financing is the trend all over the world. With the right-mix of public and private financing, Nigerian Universities can get the required resources they desperately need to elevate the level of University education in the country.
“Our government will continue to champion the cause of impactful education as well as ensuring that both lecturers and students are provided the best facilities to enhance their individual capabilities.”
On the removal of petroleum subsidy, Tinubu said: “There is no doubt in the fact that our nation is currently facing economic challenges because of the multiplier effect of subsidy removal, we understand that the removal of Petroleum subsidies has led to increased costs and challenges for many Nigerians.
“It is crucial to remember that this decision was made with the intention of of promoting a more sustainable and efficient energy landscape for our nation as well as ensuring that the development of our nation is not in any way stratified.
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“While the short-term gains are expected with attendant pains, please look forward to the potential long-term benefits.
“The removal of subsidies can pave way for investments in alternative energy sources, infrastructure and public services that will contribute to a stronger and prosperous Nigeria.
“During this transition, let us remain united as a nation, supporting one another and working collectively towards finding solutions. It is a challenging journey, but by embracing innovation, conserving energy, we can navigate through these difficulties and emerge stronger as a nation.
“Remember, change often comes with its share of hardships, but it is through resilience and cooperation that we can shape a better future for ourselves and generations to come.”
Vice Chancellor of the University of Ilorin, Professor Wahab Egbewole, who had spoken earlier hailed the president’s commitment to change the fortunes of tertiary education in the country.
Egbewole appreciated the recent gesture of the president, adding that he believes “all the other outstanding issues will be resolved in order to not only increase commitment and productivity in the system, but also achieve the repositioning agenda.”
“We can only hope that the renewed hope agenda will properly reposition the university education.
“Nigeria cannot be a global player if we to treat university education in the manner it is presently,” he said.
