The financing of the university will always be a vexatious problem not only because of the need for it to maintain a level of independence that allows for the thriving of intellectual pursuit, but also for the size of funding that is required to maintain an acceptable level of infrastructure in a modern university. The experience of the Nigeria university in recent years has, in this regards, been almost alarming. The funding levels required constitute sufficient reasons for diversifying the sources. Even it government was in a position on its own to meet all of the university’s financial requirements, I consider it desirable that every effort be made to reduce such contribution in the interest of university autonomy. I also hold the view that the university should seek to become dependent, in a substantial way, on funds generated from within. In other words, the sources of funding the university should be diversified as much as possible. Based on this principle, we can identify four sources-government, industry, students and individual philanthropist. I must add quickly that each sources has its own set of problems in its continuing interaction with the university, which ought to be addressed here.
Of all the four major sources of financing university education mentioned above, contribution through fees from the students involves intricate issues concern. If government gives as an expression of its obligation to promote general welfare of society, if industry gives in order to enhance its chances of procurement of needed human information and material resources, as well as enhance its social responsibility, if the general public gives as an indication of voluntary support for a worthy social cause, students (and by interference, their parents) should give in order to purchase an economic good for meeting their own felt need in the expectation that they will be satisfied with the product purchased.
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