- Former LASU Vice-Chancellor Ibiyemi Olatunji-Bello has proposed that public universities charge at least ₦1 million per student annually to achieve financial sustainability.
- She said LASU’s monthly payroll exceeds ₦1 billion, while its ₦13 billion internally generated revenue is not enough to cover salaries.
Former Vice-Chancellor of Lagos State University, LASU, Ibiyemi Olatunji-Bello, has said public universities in Nigeria may need to charge at least ₦1 million per student annually to achieve financial sustainability.
Olatunji-Bello made the remarks while reflecting on her five-year tenure as LASU vice-chancellor, which ended on Saturday.
According to her, LASU currently spends more than ₦1 billion monthly on its payroll, while its internally generated revenue of ₦13 billion is insufficient to cover salaries.
“Universities can achieve financial self-sustainability. If they can innovate and ensure improvements in the institution, money will come in,” she said.
“But then, if the money comes in, how do you spend it? Right now, LASU does not have financial self-sustainability. We may have increased our dedicated revenue, but we cannot survive. Our payroll right now is over N1bn per month. All the N13bn IGR does not cover our salaries.”
She added that public universities seeking financial independence would have to increase their fees substantially.
“So, any public university that wants to sustain financial independence will have to charge school fees of not less than N1 million per student,” she said.
Her comments came shortly after Education Minister Tunji Alausa urged public universities to diversify their sources of funding rather than rely mainly on government allocations.
The proposal has sparked reactions online.
@ChukwukaChidiEmmanuel: “She no suppose do cross over with us oooo 🥺🥹”
@ChiBuzorFreedom: “Una think say men wicked until you give a woman a chance to be Head of something 😂 Una go smell garlic 🧄”
@ChristopherAgwu: “There’s a particular memory that left people when they become professors. That is temporal memory. It is not her fault.”
@AYanfeoluwaDiamond: “What if she’s MAD and we don’t know 🤷♂️🤔”
@EmmanuelMoses: “And her children will celebrate her on mother’s day ooo… They will even call her the best mother in the world! 😔”
@SodiqObisesan: “What about d adage which says 🤔, a drunk man has sense more than 3 women with ph what self”
@MosesAlex: “Bend down select professor don talk 🤣”
@TheresaOmonomo: “And during your time it was free education all through”
@RuQoYyahEniola: “Common sense is not by Degrees”
