THE WAY FORWARD-ASUU and FGN statement

By Prof. S.A.S. Aruwa 

Higher educational Institutions (HEIs) are heading into a period of financial crisis. Now than ever, financing of HEIs in Nigeria have to be matched continuously with competing claims for the use of present and future resources. The current ASUU’s demands and funding requirements need to be appraised given the financing options in terms of sustainability of funding public universities.

Many developing countries, which fifteen years ago were spending only 1 to 2 per cent of their gross national product on education are today spending 3, 4 or 5 per cent. And whereas they were earlier spending less than 10 per cent of their total public budget on education, many are now spending 15, 20 or even 25 per cent. This rise in education’s share of national resources cannot go on at this rate indefinitely. The funding of education has not been up to 17% in any given year despite the UNESCO minimum standard of 26% of national budget. In Nigeria, according to Central Bank of Nigeria (CBN) statistical bulletin, public budgetary funding on education ranges between 4-13 percent.