HML2Consult

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BOOSTING INFLOWS AND IMPRPOVING ACCOUNTABILITY
IN NIGERIA TERTIARY INSTITUTIONS
Being paper presented By
Mr. Kayode Adebiyi, FCA, MBA, MIoD
At a retreat organized by
Bursary Department Federal Polytechnic Ilaro
Venue Imperial Hotel Quarry Road
Abeokuta October 2, 2021
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Introduction

• Government funding subvention are grossly
  inadequate to satisfy the needs of contemporary
  Nigeria Universities and Polytechnics.
• Nigerias public universities rely primarily on
  government funding , which usually comes to less
  than 10 of the national budget at the federal
  level, below the Africa average and UNESCOs
  minimum recommendation of 15.
• According to The World Bank and UNESCOs
  Education Finance Watch 2021 report, the pandemic
  has led to cuts in both external education aid
  and internal education budgets in two-thirds of
  low- and middle-income countries.
• In addition, apart from providing the best
  quality education, administrators of tertiary
  institutions have increased focus on generating
  revenue for their institution.
• Putting in place effective strategies and
  policies to enhance internally generated revenue
  is critical for Tertiary Institutions.

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Government Funding
Internally Generated Revenue (IGR)
?

• Ministries,
• Federal
• Local governments
• ????????????????

• The sale of admission form,
• Schools fees,
• Tuition fees
• Accommodation fees,
• Association registration fees,
• Interests and returns from loans and investment
  earning
• NGOs, philanthropic foundations Donations
• ???????????

FUNDING WHICH WAY FORWARD
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TYPICAL IGR SOURCES AT TERTIARY INSTITUTION
Energy plant of UniIllorin
Merchandise of UniIllorin
Bottle water of Abia state Uni
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THE NEW PARADIGM SHIFT
Government Funding
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Success
Additional Value Creation (AVC)
IGR (as is)
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INTEGRATED VALUE
What is integrated value
Integrated value is the simultaneous building of
multiple non-financial capitals through
synergistic innovation across the nexus economy
that result in net-positive effects, thus making
our world more secure, smart, shared, sustainable
and satisfying.
Why Is It Important In Revenue Generation
Value creation is so fundamental to our human
belief systems that we intuitively feel that it
is a worthy, if not an imperative goal, whether
in our personal and family lives, our careers and
institutions, or our communities and societies.
It is in fact one of our most powerful myths.
Creating something worthwhile or better
something of value is the professed, if not the
actual aspiration of almost everyone.
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THREE PILLARS OF AVC
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Policy Thrusts of AVC in Higher Institutions
Encourage Partnerships
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Integrate Technology
Commit to access
Pursue Excellence
Commit to student success
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THE CHALLENGES

• The changing structure of higher education
• The competitive landscape
• Protecting academic quality
• Cost vs access
• Learning outcomes
• Technology
• Value system
• Politics Governance

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STRATEGY
The ways and means
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EFFECTIVE WAYS OF GENERATING IGR IN NIGERIA
TERTIARY INSTITUTION
Match the Gown to the Town
Strategic partnership

• Establishment of entrepreneurship training
  centres
• Streamline academic programs to have market
  acceptance
• Expand field experience opportunities for
  students
• Increase program choice and availability
• Expand program offerings in high-demand,
  career-specific areas
• Align curriculum renewal and development with
  industry trends

• Partnership programmes or collaboration with
  other institutions .
• Being open to partnership opportunities

Process automation

• The adoption of e-payment of school fees and
  online registrations .
• Creating a more effective student recruitment and
  enrolment

Transparency and accountability

• Improve accountability within the institutions.
• Account for additional revenue
• Achieve an annual balanced budget
• Segmental reporting
• Full compliance and disclosure

Grants and endowments

• Alumni associations.
• Research

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EFFECTIVE WAYS OF GENERATING IGR IN NIGERIA
TERTIARY INSTITUTION (ILARO POLYTECHNIC) AFTER
COVID?
Feed The Town With The Gown
Organizational strength

• Resource development leads to financial stability
• Apprenticeship training
• Basic and essential skill training
• Continuing education
• Corporate training

• Strengthen partnerships
• Develop a result- driven workplace culture
• Increase organizational capability through people
  development
• Ensure strong brand recognition of FPI
• Increase use of information analysis and planning
  in decision making
• Enhance diversity awareness and open up
  professional development opportunities

Learning excellence

• Enhance academic quality and occupational
  relevance
• Prepare FPI students for global workplace
• Use technology to enhance effectiveness of
  teaching and learning
• Strengthen curriculum for improved workplace
  preparation of students

Create CSR impact

• Provide opportunities for students in the
  community and catchment area
• Help relieve financial strain on students

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Conclusion

• The economic theory that says human wants are
  unlimited, but the means of satisfying them are
  limited has remained an undisputed fact, thus
  the increasing growth in students enrolment and
  the available resources in the higher
  institutions are not sufficient to meet up with
  the funding requirements.
• The boosting of higher education in Nigeria needs
  to be improved upon especially in the area of
  capital expenditures funding.
• Higher institutions need to explore alternative
  means of funding and become less dependent on
  Government allocations.
• Stakeholders in education which include parents,
  guardians, the general public, non-governmental
  agencies, international partners and the private
  sector should support the funding of tertiary
  education in Nigeria.
•  

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