Analysis of Stakeholders’ Perceived Strategies for Adequate Funding of University Education in Nigeria.

Abstract

The paper analysed level of adequacy of perceived strategies for funding universities in Nigeria. Two out of the five (5) questions raised to direct investigation were answered while the remaining one (1) question was hypothesized. Data for the study were collected with a questionnaire titled “Strategies for Adequate University Funding Questionnaire, SAFUQUE”. The questionnaire was administered on 7317 major stakeholders out of which the responses of6227(i.e. 85.10 percent) were found usable for analysis. The findings revealed that five (5) strategies: sponsorship of special academic programmes by employers of labour; payment of realistic tuition fees; payment of reasonable bursary awards; synergic management of available resources and; government allocation of grants based on ZBB were unanimously adopted for university adequate funding. The study also found out that major stakeholders in Nigerian universities do not significantly differ in rating the level of adequacy of university funding strategies. Stakeholders in Nigerian universities are positively disposed towards sharing the cost of university administration. On the basis of this conclusion, it was recommended among others that universities should on a continuous basis ascertain total cost of financing administration and work out appropriate and acceptable sharing formula amongst stakeholders.