Public universities in Nigeria should charge students at least N1 million annually if they are to achieve financial independence, former Lagos State University (LASU) Vice-Chancellor, Professor Ibiyemi Olatunji-Bello, has said.
Olatunji-Bello made the argument while reflecting on her five-year tenure at LASU, which ended on September 19, 2026. She said the rising cost of running universities had made it difficult for institutions to depend solely on government funding and relatively low student fees.
Her comments came against the backdrop of LASU’s financial position during her administration. According to Olatunji-Bello, the university’s internally generated revenue rose from about N3 billion when she assumed office to N13 billion, but the increase was still insufficient to cover its recurrent obligations.
Brandspur Banking News reports that Olatunji-Bello said LASU’s monthly payroll now exceeds N1 billion, meaning the university’s annual internally generated revenue cannot cover staff salaries alone. She also disclosed that electricity costs the institution about N140 million monthly, alongside expenses for security, cleaning, diesel and other operations.
She argued that public universities seeking financial self-sufficiency would therefore need to reconsider their fee structures. Olatunji-Bello contrasted university charges with the fees paid in some secondary schools, noting that some parents already spend more than N1 million per term on secondary education while some public university students pay around N100,000 annually.
The former VC also pointed to revenue-generating measures adopted at LASU during her tenure. These included new academic programmes, expanded postgraduate offerings, digital services, consultancy, short courses, partnerships and other ventures. She said more than 75 postgraduate programmes were introduced as the university sought additional sources of income.
Olatunji-Bello acknowledged, however, that increasing internally generated revenue alone had not made LASU financially self-sustaining. The university still needed to supplement its salary obligations, illustrating the gap between the income it generates and the cost of maintaining its operations.
Her position places the question of university fees within the wider debate over how Nigeria should fund public tertiary education. While higher fees could provide institutions with additional revenue, they would also directly affect the cost of university education for students and their families.
The former VC said adequate funding was necessary to maintain quality education and urged parents to place greater priority on financing their children’s education.
