The struggle for resources by staff and students coupled with the decrease in productive and capable graduates has being identified as the reasons for the privatisation of higher education in Nigeria.
The low evaluation of the role of public education currently in achieving economic development in Nigeria is responsible for attracting private funds to the education sector. Professionals from education sector have said.
They observe that the critical challenge plaguing institutions of higher learning is funding. This has generated a cluster of other issues regarding attendance and effectiveness of many institutions.
Toyin Falola, professor at the University of Texas, USA said that as units of learning, faith-based universities are not immune to challenges of other institutions of higher learning in Nigeria.
Falola while speaking at the 3rd convocation lecture of McPherson University on the topic: The Integration of Knowledge and Faith stated that while it’s obvious that governments alone cannot effectively fund education, tertiary education has been heavily relying on tuition fees, donations and faith-based institutions.
“The influence of religion on socio-political and economic life is not the only factor that motivated the development of faith-based universities pointing out that many difficulties including dwindling enrolment rates, funding restrictions as well as influence of political protest groups were major challenges”, he said.
He further observed that most tertiary institutions rely on a combination of fees, donations and faith-based institutions for funds. He however cautioned that the problem of funding is not peculiar to Nigeria since in other African nations there are restrictions in budgetary allocation to education.
According to him, “The capacity of some faith-based universities is at variance with poor enrolment. This data not only highlights the need for funding of faith-based universities but also the profit motive of some of them”
“The direction of private universities is linked to funding as well as how the country is managed and leadership. Also, government policies will influence the agenda of faith-based institutions and impact the diversification of programs of study in each. This concern of leadership must also be addressed in addition to the challenges regarding the funding of various programs and institutions.
Adeniyi Agunbiade, vice-chancellor of the university in his welcome address at the event where Seventy (70) graduates where found worthy in character and learning said the University after the visit of The National Universities Commission (NUC) have received a full operational license
A breakdown of the graduating grades according to the vice chancellor include: 11 First Class Honours; 35 Second Class Upper Division; 15 Second Class Lower Division.
Bello Kehinde Oluwatoyin of the Department of Accounting and Finance, was emerged the overall best graduating student, with a Cumulative Grade Point Average (CGPA) of 4.81.
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