President Bola Tinubu has recommended public-private financing for Nigerian universities to elevate the standard of education in the country.
Represented by the Minister of State for Education, Yusuf Sununu at the grand finale of the Combined 37th and 38th Convocation of the University of Ilorin, Tinubu emphasized that a strategic blend of public and private financing could provide the necessary resources to enhance higher education in the country.
He called on corporate entities, communities, and individuals to support universities, highlighting the global practice of public universities benefiting from government funding while supplementing their income through private financing.
Tinubu cited the recently enacted Student Loan Law, designed to transform the education landscape in Nigeria, as one example of progress.
Endowments, tuition fees, and public-private financing, he noted, are approaches that are embraced worldwide.
With the right mix of these financial resources, Nigerian universities can acquire the much-needed support to elevate the standard of university education in the nation.
The government, he assured, would remain committed to advancing the cause of impactful education by ensuring both educators and students have access to top-notch facilities to nurture their individual capabilities.
President Tinubu also addressed the removal of the petroleum subsidy, acknowledging the economic challenges it had presented to many Nigerians.
He clarified that this decision was made with the intention of creating a more sustainable and efficient energy landscape for the country, despite the short-term difficulties.
The subsidy removal, he added, could pave the way for investments in alternative energy sources, infrastructure, and public services, ultimately contributing to a stronger and more prosperous Nigeria.
He called for unity, innovation, and energy conservation during this transition period, underscoring the importance of embracing change and working collectively toward a brighter future for the nation.
The Vice Chancellor of the University of Ilorin, Professor Wahab Egbewole SAN, commended the President’s commitment to transforming tertiary education in Nigeria.
He expressed hope that outstanding issues would be resolved to bolster commitment and productivity in the educational system and achieve the repositioning agenda.
Professor Egbewole emphasized the critical need to elevate the status of university education to make Nigeria a global player.