Hassan Ibrahim

Abstract

This paper discusses the issue of insufficient funding for tertiary education in Nigeria and calls for innovative financing solutions. Tertiary education includes universities, polytechnics, mono-technics, and colleges of education. The lack of funding for education is as a result of government subsidies at all levels, which is due to education being considered a public good with positive externalities. However, the current financing architecture for education in Nigeria is inefficient, and the government must devise new and creative financing options to close this financing gap. The text highlights the importance of increasing government spending on education to meet the Sustainable Development Goals (SDG) and the Education for All (EFA’s) targeted global education goals. The text concludes by emphasizing the need for the government to increase its commitment to financing education and explore new financing options such as Education Venture Fund (EdVF), Equity-Focused Impact Investment for Education, Public-Private Partnership, Commercial Ventures, as sustainable method of financing required to supplement public funding in tertiary education because the government cannot provide all the resources required to increase access to and promote the quality of higher education on its own.

Keywords: funding, innovative financing options, education financing architecture