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Olabode Adaramola Minna
The Bursary Department, Federal University of Technology, Minna (FUT Minna) held its 4th Annual Bursary Lecture Series on Friday, 7th November 2025, at the School of Information and Communication Technology (SICT) Lecture Theatre, Main Campus, Minna.
The lecture, titled “Exploring Revenue Diversification for Financial Sustainability of Nigerian Universities: Problems and Prospects”, aimed to identify strategies for enhancing financial sustainability and promoting excellence in service delivery across Nigerian universities.
Delivering the lecture, the President and Chairman of Council of the Institute of Chartered Accountants of Nigeria (ICAN), Dr Haruna Yahaya, mni, FCA, emphasised the importance of revenue diversification in addressing the persistent funding challenges within the Nigerian university system and in charting pathways towards financial sustainability.
He highlighted several factors necessitating revenue diversification in universities, including the erosion of the real value of subvention, massification of enrolment, dynamic labour market demands, global competitiveness and ranking, government’s shift towards autonomy, and the demographic dividend imperative.
This, he said, underscores the need for universities to reduce dependence on a single funding source while consistently fulfilling their core mandates of teaching, research, and community service without compromising future viability.
Dr. Yahaya further asserted that deliberate diversification strategies remain key to unlocking new opportunities for growth, autonomy, and global competitiveness. He suggested six concrete pathways for revenue diversification: commercialisation of research outputs, creation of alumni endowment and philanthropy funds, strengthening public private partnerships (PPPs)running professional and executive education programmes; creating university holdings and investment vehicles; and fostering international grants and development partnerships.
He also tasked universities with establishing robust innovation and impact funds, embedding entrepreneurship curricula, and developing venture-holding structures.
Speaking at the event, the Vice-Chancellor, Prof. Faruk Adamu Kuta, who declared the ceremony open, advocated for innovative approaches to financial management and revenue diversification in Nigerian universities, emphasising the need for sustainability amid dwindling government funding.
Prof. Kuta described the lecture theme as “timely and highly relevant,” given the financial challenges confronting higher education institutions across the country. He noted that universities must begin to look beyond traditional funding sources and adopt creative strategies to ensure long-term viability.
“This lecture could not have come at a better time,” Prof. Kuta remarked. “We are privileged to have as our guest lecturer Dr. Haruna Yahaya, a renowned scholar and financial expert whose insights will surely enrich our understanding of this important topic.”
He commended the choice of Dr Yahaya as guest lecturer, describing him as a “distinguished professional accountant and seasoned administrator” whose wealth of experience in finance and governance would illuminate practical pathways for achieving financial sustainability in the university system.
“I am certain that we will gain invaluable insights from his presentation, which will contribute to enhancing financial accountability and ethical standards in our universities,” the Vice Chancellor added.
Prof. Kuta also praised the University’s Bursar, Dr (Mrs) Hadiza Goje, for her leadership and innovation in organising the lecture series, noting that her efforts have had a significant impact on the University’s financial administration.
“Her dedication and innovative approach have greatly impacted not only the Bursary Department but also the entire University community. It is no surprise that she also serves as the Chairperson of the Association of Bursars of Nigerian Universities,” he said.
The Vice-Chancellor urged participants to engage actively with the lecture and take practical lessons from the discussions to improve financial management practices in their respective departments.
In her remarks, the Bursar, Dr. (Mrs) Hadiza Goje, explained that the lecture underscored the urgent need for Nigerian universities to adopt innovative and sustainable financial strategies.
She lamented that increasing dependence on government subventions, coupled with rising operational costs, has made it imperative for institutions to explore other viable revenue sources, adding that the financial sustainability of public universities remains a pressing concern.
“Universities must look both inward and outward to adopt creative strategies that promote efficiency, accountability, and resource generation,” Dr Goje emphasised.
She highlighted several achievements recorded by the Bursary Department in promoting transparency, accountability, and efficiency, including the digitalisation of operations, capacity-building programmes, introduction of the Annual Bursary Lecture, establishment of a Bursary Department library, procurement of a staff bus to ease mobility, decentralisation of Bursary operations, issuance of online receipts, timely submission of audited accounts, and the development of a comprehensive financial manual to guide departmental operations.
Dr. Goje further stressed that the lecture served as a call to shift from traditional financing approaches to more innovative, sustainable, and diversified financial strategies capable of guaranteeing universities’ stability and growth.
The Annual Bursary Lecture, now in its fourth edition, continues to serve as a platform for fostering dialogue and knowledge sharing on financial sustainability and accountability within Nigeria’s tertiary education sector.
Highlights of the event included the presentation of a certificate and plaque to the guest lecturer in recognition of his contribution to knowledge advancement, as well as the presentation of the Bursar’s Award 2025 to outstanding staff .
