Analysis of Factors Responsible for Shortage of Funds in Management of Tertiary Education in Nigeria

Abstract

Objective: This paper critically analyzed the factors responsible for the shortage of funds in the Management of tertiary education in Nigeria.

Methodology: Content analysis and elimination methods were adopted for the study. Secondary were used and the secondary data were collected from online publications and print materials.

Findings/Conclusion: The study established that tertiary institutions in Nigeria are faced with a shortage of funds. The paper also concluded that factors responsible for the shortage of funds in Nigeria's tertiary institutions include; poor implementation of national policy on education on funding, insecurity challenges, revenue leakage, debt servicing, poor internally generated revenue and corruption in the management of tertiary institutions.

Recommendations: The government should implement the national funding policy as capsulated in the national policy on education. The government should tackle the problem of insecurity by addressing the problem of unemployment. The deployment of artificial intelligence to block all forms of financial leakages in the system should be adopted by the administrators. The government should employ a national borrowing strategy to manage borrowed funds perfectly and sustain revenue. Tertiary institutions managers should look outside the box and come out with strategies to increase their internally generated revenue and all forms of corruption in the management of tertiary institutions should be curtained by the deployment of ICT and artificial intelligence to monitor funds released to the various tertiary institutions.