As alternative to dwindling funding of Tertiary Institutions in Nigeria, the Federal Government has advised Vice Chancellors of Federal Universities to established robust endowment fund for long lasting financial capacity. The Minister of Education, Dr. Tunji Alausa, gave the Charge in Abuja during a meeting with Vice Chancellors of Federal Universities in Nigeria and other stakeholders.
Galaxy Television reports the Minister admitted that Sustaining funding is key to the growth of Universities, hence the need for the establishment of endowment fund. He added that universities must also explore alternative revenue streams by establishing consultancy units. The Minister disclosed that the Federal Government has mandated TETFund to give 50 per cent consultancy services to universities, which entails that all universities must and come up with strong consultancy services in order to benefit from this avenue.
In remark, the Chairman, Committee of Vice Chancellors of Federal Universities, Prof. Abass Sagir, urged the Minister to look into the aspect of Research and Development as well as issue of Teaching. On his part, the Chairman, National Sports Commission, Sheu Diko, said President Bola Tinubu has repositioned the Sports Ministry for more performance stressing that, he has declared Sports a national asset for rapid socioeconomic development. The forum also received presentations from other Stakeholders at the meeting.
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