LASU's Former VC Advocates N1 Million Fees for Universities

Prof. Ibiyemi Olatunji-Bello, who served as the ninth Vice-Chancellor of Lagos State University (LASU), asserted that public universities in Nigeria require a minimum of N1 million in annual fees to attain financial independence. Speaking during an interview with The Punch, she emphasized that while universities can generate additional revenue through innovation, managing that income is a significant challenge.

Prof. Olatunji-Bello pointed out that LASU's internally generated revenue (IGR) of N13 billion is insufficient to meet its salary obligations, which necessitate an additional N240 million monthly. She highlighted that LASU incurs N140 million monthly on electricity alone, alongside expenses for security, cleaning, and academic events.

Furthermore, she contrasted the fees charged by secondary schools, some of which exceed N1 million per term, with the current fees for university students, which can be as low as N100,000 per year. Her comments come amid ongoing discussions about the affordability of university education in Nigeria, particularly in light of rising living costs.