On Thursday in Abuja, VICE President Yemi Osinbajo advocated for the diversification of finance for the country’s public colleges, stating that the institution needed to find a way to sustain itself.
According to Professor Osinbajo, the functioning of public universities cannot be maintained solely by financial allocations; rather, the future of the university system depends on the adoption of independent yet creative sources of funding.
When the Vice President hosted a group from the Olabisi Onabanjo University (OOU) at the Presidential Villa in Abuja, he said that establishing an endowment fund should be included in the adoption of independent yet creative sources of revenue.
He explained the following to the group under the direction of the ‘s vice chancellor, Prof. Ayodeji Abgoola:
“The funding sources for the public university system need to be more varied. The system must learn how to take care of itself.
We need to think carefully about how institutions might make money on their own. through the use of a business model, whether it be an endowment or another strategy.
Endowment funds are available at every prestigious university in the globe. The vice president said that finding additional funding to pay for higher education is a significant issue.
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