Former LASU Vice-Chancellor Prof. Ibiyemi Olatunji-Bello spoke on financial independence for public universities in NigeriaShe revealed that LASU’s monthly salary bill exceeds N1bn, while the university’s N13bn IGR cannot cover staff wages aloneThe professor argued that no public university can achieve financial self-sustainability without a drastic increase in school feesPAY ATTENTION: Mark Legit.ng as a preferred source, and our content will appear higher in your Google feed!Legit.ng journalist Adekunle Dada has over eight years of experience covering basic and tertiary education in Nigeria and worldwideLagos State – The former Vice-Chancellor of Lagos State University (LASU), Prof. Ibiyemi Olatunji-Bello, has said that public universities in Nigeria cannot achieve financial independence without charging students at least N1 million per year in school fees.Prof. Olatunji-Bello, who served as the ninth Vice-Chancellor of LASU, made the remarks while speaking on how public universities can become financially self-sustaining without depending heavily on government funding.”Good quality education needs money”: Ex-LASU VC backs N1m fees.
Photo credit: @AnonXNG Source: TwitterShe said that while universities can attract more revenue through innovation and improvements, managing that income remains a serious challenge. PAY ATTENTION: From breaking news to viral moments. Follow Legit.ng on Instagram!During an interview with The Punch, she said LASU’s total internally generated revenue (IGR) of N13 billion is not enough to cover the institution’s salary obligations alone.LASU’s monthly bills”Our payroll right now is over N1bn per month. All the N13bn IGR does not cover our salaries,” she said.Beyond salaries, she noted that the university spends N140 million every month on electricity alone, and must also fund security, cleaning, diesel, and regular academic events such as inaugural lectures held twice a month.
Olatunji-Bello added that LASU still needs to supplement its salary payments with an additional N240 million every month.She drew a sharp contrast between what secondary schools charge and what university students currently pay, pointing out that some secondary schools collect over N1 million per term, while many university students pay as little as N100,000 per year.Fees must rise, Ex-LASU VC argues”Any public university that wants to sustain financial independence will have to charge school fees of not less than N1m per student,” she said.She added that academic excellence cannot come without adequate funding.Prof. Olatunji-Bello urged parents to treat their children’s education as a financial priority. “You can’t have academic excellence without paying for it. I enjoin parents to ensure their children are well-educated by prioritising their fees.
Good quality education needs money,” she said.Her comments come at a time when the affordability of university education in Nigeria remains a deeply sensitive issue, particularly given the economic pressures many households face amid rising costs of living.Ex-LASU VC calls for N1m annual school fees. Photo credit: LASU Source: Getty ImagesUniversity of Ibadan publishes school feesMeanwhile, Legit.ng also reported that the University of Ibadan published the school fees, examination fees and other charges for new PhD Law students.The fees, which are available on the university’s website, exclude the transaction fee and graduation fee for PhD Law students.The detailed article also contains the total amount a full-time PhD Law student is expected to pay. Source: Legit.ng Adekunle Dada (Politics and Current Affairs Editor) Adekunle Dada is a Politics and Current Affairs Editor at Legit.ng. He holds a B.Sc. in Mass Communication from Lagos State University, Ojo, and brings over eight years of professional media experience to his role.
He has spent his career refining his craft at PM News, The Sun, and Within Nigeria. In 2024, he earned a certification in advanced digital reporting from the Google News Initiative. He can be reached at adekunle.dada@corp.legit.ng Lagos State Japan Lynette nusbacher Multichoice Mobile number Jayden adams
