Public universities must raise fees to millions to achieve financial independence — Ex-LASU VC

Former Lagos State University Vice-Chancellor Ibiyemi Olatunji-Bello says public universities must charge at least N1 million per student to achieve financial independence.

According to TheCable, Olatunji-Bello said LASU’s monthly payroll exceeds N1 billion, while its N13 billion internally generated revenue cannot cover annual salaries.

The professor argued that universities seeking financial self-sustainability would need to increase fees substantially while improving their institutions and generating additional revenue.

She noted that some secondary schools charge more than N1 million per term while some universities collect about N100,000 annually.

Olatunji-Bello, whose five-year tenure recently ended, said her administration increased LASU’s internally generated revenue from N3 billion to N13 billion through new programmes, digital expansion and other revenue-generating initiatives.