Financial Sustainability of Public Universities in Nigeria: A Critical Review

Full Article - PDF

Published: 2023-06-02

Page: 162-170

Ndubuisi-Okolo Purity Uzoamaka *

Department of Business Administration, Faculty of Management Sciences, Nnamdi Azikiwe University, Awka, Anambra State, Nigeria.

Dibua Emmanuel Chijioke

Department of Business Administration, Faculty of Management Sciences, Nnamdi Azikiwe University, Awka, Anambra State, Nigeria.

*Author to whom correspondence should be addressed.


The pivotal element downplaying the efficacy of education in public universities in Nigeria is inadequate funding. This under-funding has degenerated to poor equipment of laboratories, materials cum poorly equipped classrooms. This paper leaned on financial sustainability of public universities in Nigeria. Specifically, its aim was to fish out factors militating against financial sustainability of public universities in Nigeria cum proffering solutions on how to redress them. Qualitative research approach was employed. Findings revealed that paucity of autonomy, poor management; political quagmire and insufficient funding are factors hampering financial sustainability of public universities while complete autonomy, federal/private funding, huge budget allocation, donor support and adopting foreign patterns of public universities’ funding are valuable means of achieving financial sustainability of public universities in Nigeria. We, therefore, recommend that universities need to generate considerable money from other sources such as grants, consultancies, business ventures, returns on investments and alumni. Nigerian public universities need to engage their alumni as partners, as universities in other climes do especially the North America. Also, Nigerian public universities must re-invent themselves as entrepreneurial and boundary-spanning hubs by working assiduously with industry players to solve society’s problems.

Keywords: Budget allocation, insufficient funding, financial sustainability, education

How to Cite

Uzoamaka , N.-O. P., & Chijioke , D. E. (2023). Financial Sustainability of Public Universities in Nigeria: A Critical Review. Asian Journal of Economics, Finance and Management, 5(1), 162–170. Retrieved from


Download data is not yet available.


Adeyemo. Public school funding. The case of community mobilization and effective management. J Educ Dev J. 2004;1(2): 27-8.

Okebukola P. Issues in funding university education in Nigeria. NUC Monograph Series. Abuja: MUC; 2003.

Ibukun WO. Educational Management: Theory and practice. AdoEkiti. Green-line publishers; 1997.

Ajayi IA, Ekundayo HT. Management of university education in Nigeria: problems and possible solutions. Int NGO J. 2009;4(8):222-35.

Ajayi, Ekundayo2022. Management of university education: problems and Solutions. Revitalization of African higher education.

Aina OI. Alternative modes of financing higher education in Nigeria and implications for university governance. In: Babalola JB, Emunemu BO, editors. Issues in Higher education: research Evidence from sub-Saharan Africa. Lagos: Bolabay publications; 2007.

Fabunmi MB. Perspectives in educational planning. Ibadan: Awemark Industrial Press; 2005.

Bamiro OA, Adedeji OS. Sustainable financing of higher education in Nigeria. Ibadan: Ibadan University Press; 2010.

Christiana O. Ogbogu. Int J Educ Res. 2011;7(4):75-82.

Faboyede So, Faboyede Ao, Facile Sa. Funding of university education in Nigeria: challenges and Prospects. Eur J Soc Sci Stud. 2017;2(8):222-37.

Ameen A, Olowoselu A, Dauda M. Factors inhibiting effective management of tertiary education in Kwara state: evidence from the colleges of education. Afr J Manag L2. 2017;1:68-86.

Imhanzenobe JO. Operational efficiency and financial sustainability of listed manufacturing companies in Nigeria. J Acc Taxation. 2019;11(1):17-31.

Okoye L, Erim O, Ahmed A, Isibar A. Corporate governance and financial sustainability of micro finance bank in Nigeria. Sustain Econ Growth Educ Excell Innov Manag Vis. 2017;2020:4035-45.

Xie Z, Xinglin Liu, Hina Najam, Qinghua Fu, Jawad Abbas, Ubaldo Comite ,Laura Mariana Cismas and Andra Miculescu. Achieving Financial Sustainability through Revenue Diversification: A Green Pathway for Financial Institutions in Asia. Sustainability. 2022;14:3512.

Nwangwu I. Driving sustainable banking in Nigeria through responsible management education: the case of Lagos Business School. Int J Manag Educ. 2020;18(1).

Afolayan FO. Funding higher education in Nigeria. IOSR IOSR J Res Method Educ (IOSR-JRME). 2015;5(1):63-8.

Nwonye. Education in Nigeria for peace and Sustainable Development: the role of sport education programme. Nigeria Academic Forum. 2021;28(1):1-8.

Ugochukwu Iwuchukwu. Copyright Stears Information Limited; 2023.