Former Vice Chancellor of Lagos State University (LASU), Ibiyemi Olatunji-Bello, has stated that public universities in Nigeria may need to charge at least N1 million per student annually to achieve financial sustainability. In an exclusive interview with Punch, Olatunji-Bello, whose five-year tenure ended on Saturday, identified inadequate funding as a major challenge facing public universities. She noted that LASU's internally generated revenue has grown significantly but remains insufficient, with the university spending over N1 billion monthly on salaries while its annual internally generated revenue is about N13 billion. She emphasized that universities can achieve financial self-sustainability through innovation and improved spending strategies.
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