Tinubu Urges Tertiary Institutions To Source Fund Through Public- Private Financing

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President Bola Tinubu Thursday challenged Nigerian public tertiary institutions not to depend only on funding from the federal government adopt private -public financing method to augment their infrastructural development and incomes.

He said public- private financing is the trend all over the world, which according to him, will meet the funding requirements desperately needed by polytechnic to keep them afloat.

The president stated this in his address at the 35th convocation ceremony of the Yaba College of Technology ( YABATECH), Lagos.

The president’s speech, as the visitor to the college was delivered on his behalf by the Director of Legal Services, Federal Ministry of Education, Mrs. Blessing Azorbo,
the visitor said “It was in realisation of this that a comprehensive four-year strategic plan is underway, serving as a roadmap for the sectoral development.

The envisioned roadmap is poised to shape the future of education in the country.

Therefore, “I call on corporate bodies, communities and individuals to support our tertiary institutions to complement the government’s initiative through contributions to research, structural development, scholarships for underprivileged students, capacity building and graduate employment. The partnership will significantly augment the accomplishments facilitated by agencies like TETFund, PTDF and international development partners, he said.

The practice all over the world is that public institutions benefit heavily from government funding but also augment their income through private financing. A popular method is endowment. Assets are donated to them to generate investment income. Other methods of financing are tuition fees.

The president promised that his administration would accord special attention to science and technology by encouraging the infusion of indigenous technology into regular curriculum reviews.

The president, therefore, charged administrators of tertiary institutions in Nigeria to ensure that vices such as cultism, exam malpractice etc are wiped out.

In his welcome speech, the Rector, YABATECH, Dr Ibraheem Adedotun Abdul, described the college as a national heritage that should be given the necessary attention it deserves, saying:
“I am elated to be the Rector on this occasion of the 35th convocation of this great citadel of learning. It is the first higher institution in the country and this is my first convocation as a rector. We thank God for what we have been able to achieve in the past six months that we have been in the saddle.

“At 76 years, YABATECH has become a national heritage and there is a need to upgrade facilities and expand same. We are working to produce graduates that are self-reliant and innovative,” he said.

The highlights at the ceremony includes conferment of Honorary Fellowship of Yaba College of Technology to distinguished Nigerians. They are:
Lady Christine Doja Otedola; Alhaji Hassan Adebayo Sunmonu and His Excellency, the Governor of Borno state, Professor Babagana Zulum OON.

A total of 7, 717 students graduated in the institution’s National Diploma, Higher National Diploma and certificate programmes with 254 students having distinction.

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