Transformative Call to Action: TETFUND Chief Advocates Innovative Funding Models for Nigerian Universities
Sonny Echono Urges Nigerian Universities to Embrace New Funding Models for Sustainability
Mary Nwaeze 
In a compelling address at the 51st Convocation Lecture of the University of Nigeria, Nsukka (UNN), the Executive Secretary of the Tertiary Education Trust Fund (TETFUND), Sonny Echono, has passionately called on public universities in Nigeria to adopt innovative funding models for self-sufficiency.
Echono highlighted the detrimental impact of over-dependence on government funding, asserting that it hampers the universities' ability to fulfill their educational mandates. He emphasized the pressing need for sustainable funding models to secure the future of higher education in Nigeria.
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"Public universities suffer from over-dependence on the government. They are therefore susceptible to revenue shortfall, budgetary constraints, and other competing needs of the government," said Echono.
The TETFUND boss stressed that the ongoing challenges, including industrial actions by university staff, underscore the urgency to explore alternative funding avenues. He proposed that universities should diversify their revenue streams by engaging in education delivery, research, and various self-financing services such as consultancy, clinical medical services, agribusiness, technology parks, and innovation hubs.
"Our universities should be encouraged and supported to seek alternative and additional revenue sources by developing a range of pathways and mechanisms, including ventures related to their services that would be self-financing to generate surplus to the university and similar initiatives," he urged.
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In addition to financial diversification, Echono encouraged universities to strengthen their Research and Development (R&D) activities and foster collaboration with industries to commercialize research outputs, thereby generating revenue to sustain the educational system.
Reacting to the call, the Vice-Chancellor of UNN, Prof Charles Igwe, affirmed the significance of the convocation ceremony, which aimed to confer degrees and diplomas on deserving graduands of the 2020/2021 class. Igwe shared statistics, revealing that 288 graduates earned First Class (Honours) degrees, while a significant number would receive Second Class Honours degrees.
The TETFUND chief's plea for adopting new funding models comes at a critical juncture when the Nigerian education sector seeks viable solutions to ensure sustainability and excellence in higher education.
