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Poly ilaro27092021500PM

Boosting Revenue inflows and accountabiity in higher institutions

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Poly ilaro27092021500PM

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  1. “BOOSTING INFLOWS AND IMPRPOVING ACCOUNTABILITY IN NIGERIA TERTIARY INSTITUTIONS ” Being paper presented By: Mr. Kayode Adebiyi, FCA, MBA, MIoD At a retreat organized by Bursary Department Federal Polytechnic Ilaro Venue: Imperial Hotel Quarry Road Abeokuta October 2, 2021

  2. Introduction • Government funding subvention are grossly inadequate to satisfy the needs of contemporary Nigeria Universities and Polytechnics. • Nigeria’s public universities rely primarily on government funding , which usually comes to less than 10% of the national budget at the federal level, below the Africa average and UNESCO’s minimum recommendation of 15%. • According to The World Bank and UNESCO’s Education Finance Watch 2021 report, the pandemic has led to cuts in both external education aid and internal education budgets in two-thirds of low- and middle-income countries. • In addition, apart from providing the best quality education, administrators of tertiary institutions have increased focus on generating revenue for their institution. • Putting in place effective strategies and policies to enhance internally generated revenue is critical for Tertiary Institutions.

  3. Government Funding Internally Generated Revenue (IGR) ? • Ministries, • Federal • Local governments • ???????????????? • The sale of admission form, • Schools fees, • Tuition fees • Accommodation fees, • Association registration fees, • Interests and returns from loans and investment earning • NGOs, philanthropic foundations Donations • ??????????? FUNDING: WHICH WAY FORWARD

  4. TYPICAL IGR SOURCES AT TERTIARY INSTITUTION Energy plant of UniIllorin Merchandise of UniIllorin Bottle water of Abia state Uni

  5. THE NEW PARADIGM SHIFT Government Funding This is a sample text. Insert your desired text here. Again, this is a dummy text, enter your own text here. This is a sample text. Insert your desired text here. Again, this is a dummy text, enter your own text here. This is a sample text. Insert your desired text here. Success Additional Value Creation (AVC) IGR (as is)

  6. INTEGRATED VALUE What is integrated value Integrated value is the simultaneous building of multiple ‘non-financial’ capitals through synergistic innovation across the nexus economy that result in net-positive effects, thus making our world more secure, smart, shared, sustainable and satisfying. Why Is It Important In Revenue Generation Value creation is so fundamental to our human belief systems that we intuitively feel that it is a worthy, if not an imperative goal, whether in our personal and family lives, our careers and institutions, or our communities and societies. It is in fact one of our most powerful myths. Creating something worthwhile or better – something of value – is the professed, if not the actual aspiration of almost everyone.

  7. THREE PILLARS OF AVC Develop strategic Partnership with Government Transform lives and communities through learning Educate students for career success Apprenticeship training Create CSR impact Local industry Indigenous entrepreneurship Expand applied research to enrich teaching and learning Promote sport and athletics Develop partnerships with international educational institutions Value Impact Dialogue

  8. Policy Thrusts of AVC in Higher Institutions Encourage Partnerships This is a sample text. Insert your desired text here. Again, this is a dummy text, enter your own text here. This is a sample text. Insert your desired text here. Again, this is a dummy text, enter your own text here. This is a sample text. Insert your desired text here. Commit to access Integrate Technology AVC Commit to student success Pursue Excellence

  9. THE CHALLENGES • The changing structure of higher education • The competitive landscape • Protecting academic quality • Cost vs access • Learning outcomes • Technology • Value system • Politics & Governance

  10. STRATEGY Gown/town handshake Organizational capacity IMPACT Feed the “town” with “gown” Match the “gown” to the “town” Visibility – Results Strategic partnerships Grants and endowments CSR. The ways and means Org strength Learning excellence Process automation Create Optics – T &A.

  11. EFFECTIVE WAYS OF GENERATING IGR IN NIGERIA TERTIARY INSTITUTION Match the “Gown” to the “Town” Strategic partnership • Establishment of entrepreneurship training centres • Streamline academic programs to have market acceptance • Expand field experience opportunities for students • Increase program choice and availability • Expand program offerings in high-demand, career-specific areas • Align curriculum renewal and development with industry trends • Partnership programmes or collaboration with other institutions . • Being open to partnership opportunities Process automation • The adoption of e-payment of school fees and online registrations . • Creating a more effective student recruitment and enrolment Transparency and accountability • Improve accountability within the institutions. • Account for additional revenue • Achieve an annual balanced budget • Segmental reporting • Full compliance and disclosure Grants and endowments • Alumni associations. • Research

  12. EFFECTIVE WAYS OF GENERATING IGR IN NIGERIA TERTIARY INSTITUTION (ILARO POLYTECHNIC) AFTER COVID? Feed The Town With The Gown Organizational strength • Resource development leads to financial stability • Apprenticeship training • Basic and essential skill training • Continuing education • Corporate training • Strengthen partnerships • Develop a result- driven workplace culture • Increase organizational capability through people development • Ensure strong brand recognition of FPI • Increase use of information analysis and planning in decision making • Enhance diversity awareness and open up professional development opportunities Learning excellence • Enhance academic quality and occupational relevance • Prepare FPI students for global workplace • Use technology to enhance effectiveness of teaching and learning • Strengthen curriculum for improved workplace preparation of students Create CSR impact • Provide opportunities for students in the community and catchment area • Help relieve financial strain on students

  13. Conclusion • The economic theory that says human wants are unlimited, but the means of satisfying them are limited” has remained an undisputed fact, thus the increasing growth in student’s enrolment and the available resources in the higher institutions are not sufficient to meet up with the funding requirements. • The boosting of higher education in Nigeria needs to be improved upon especially in the area of capital expenditures funding. • Higher institutions need to explore alternative means of funding and become less dependent on Government allocations. • Stakeholders in education which include parents, guardians, the general public, non-governmental agencies, international partners and the private sector should support the funding of tertiary education in Nigeria.

  14. THANKS FOR YOUR ATTENTION!!! HoneyRock Multiconsult Ltd 18B, Bayo Ajayi Street, Off Hakeem Balogun Street Marwa Brooks Estate Alausa – Ikeja Lagos. 08033181225, 07064078211,08133859562. Email: hmlconsultancy@outlook.com

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