University education finance and cost sharing in Nigeria: Considerations for policy direction
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Date
2019
Authors
Oladejo, M.A.
Olowo, G.M.
Journal Title
Journal ISSN
Volume Title
Publisher
Department of Social Sciences Education, University of Ilorin, Ilorin
Abstract
Higher education in general and university education in particular is an educational investment which brings with it, economic returns both for individuals and society. Hence, its proper funding towards the attainment of its lofty goals should be the collective responsibility of every stakeholders. This paper therefore discussed university education finance and cost sharing in Nigeria. The concepts of higher education and higher education finance were examined, followed by the philosophical and the perspectives of university education in Nigeria. The initiative of private funding of education vis-à-vis Tertiary Education Trust Fund (Tetfund) was brought to the fore. The paper further examined cost structure and sharing in Nigerian university system. It specifically described cost sharing as a shift in the burden of higher education costs from being borne exclusively or predominately by government, or taxpayers, to being shared with parents and students. Findings showed that Tetfund does not really provide for students directly. As regards students in private universities in Nigeria, and that private sector has never been involved in funding private universities. It was recommended among others that there is the need to re-engineer policies that will ensure effective financial accountability to prevent fiscal failure in Nigerian higher educational institutions, as well as policies which will ensure more effective community and individual participation such that government will be able to relinquish responsibility for maintaining large parts of the education system.
Description
Keywords
University education , Cost sharing , Educational investment , Educational finance
Citation
Oladejo, M.A. & Olowo, G.M. (2019). University education finance and cost sharing in Nigeria: Considerations for policy direction. Nigerian Journal of Educational Foundations, Department of Social Sciences Education, University of Ilorin, Ilorin, 18(2), 87-98