Education is said to be the bedrock of development; hence, adequate funding is required to keep standards from being compromised.
With many competing needs and dwindling finances, the challenges of government funding in public institutions, especially at the tertiary level, have, in many instances, continued to put authorities at loggerheads with industrial unions.
In 2022 for instance, it was at the centre of demands by the Academic Staff Union of Universities (ASUU), which resulted in eight months closure of federal universities due to lecturers’ strike.
Besides ASUU, several other unions also went on strike due to the issue of funding in tertiary institutions.
Educationists maintain that poor funding remains a major operational constraint in government’s bid to live up to expectations of quality learning in public polytechnics and other tertiary institutions.
The reality, some say, is that the government can no longer provide adequate funds required to run the sector; hence, the need to think out of the box.
In 2022, notable is a giant step taken by authorities of the Yaba College of Technology (YABATECH) in that direction.
The authorities moved to generate more revenue to augment government allocation, embarking on a N50 billion Endowment Fund project.
“The endowment fund project is our resort to alternative means of generating funds to improve infrastructure and introduce legacy projects to ensure continued existence as a global competitive institution.
“The college is replete with decayed and inadequate infrastructure, growth beyond existing facilities, particularly space constraint for expansion and provision of staff offices, classrooms, workshops and laboratories as well as student hostels.
“This is resulting in restricted research ideas, delays in the take-off of new programmes, not too conducive environment for learning and teaching, reduced inventions and upgrades of existing inventions,” Rector of YABATECH, Mr Obafemi Omokungbe, says.
Though the rector, an engineer, acknowledges the place of the Tertiary Education Trust Fund, he says it is hardly sufficient to solve the problems of the college.
The endowment, according to him, will encourage the college to make commitments for the future, knowing that the resources to meet commitments will continue to be available.
“The N50 billion Endowment of the college is an idea whose time has come, an investment in the future,” he says.
Indeed, the bold alternative funding move of the institution drew accolades from several quarters.
Vice President Yemi Osinbajo is delighted that the college is thinking out of the box, describing the step as a laudable initiative.
“We must augment government’s finest intentions with our individual and collective desire to see us do better, to see Africa do better; to see our children step into global arenas of enormous and unprecedented opportunities,” he said at the launch of the project.
Former President Olusegun Obasanjo, on his part, describes the endowment fund as an investment in the new Nigeria.
Obasanjo, represented by Pastor Dotun Ojelabi, at the launch of the endowment fund in Lagos, praises YABATECH for the initiative.
The Minister of Education, Malam Adamu Adamu, promises that the Federal Government will continue to look inwards to make more funds available for education.
Adamu, represented at the launch by Prof. Bola Oboh, Deputy Vice-Chancellor (Academics and Research Innovation) of University of Lagos, believes that the move is an indication that government cannot fund education alone.
“It is gratifying that for 75 years, YABATECH has lived up to expectations of its founding fathers by providing requisite manpower and knowledge to the service of our great country.
“This is the reason I am enthusiastic about this launch of 50 billion Naira endowment fund for the institution.
“Increasingly, we have found out that government cannot do it alone.”
According to Mr Joe Ejiofor, Deputy Registrar of YABATECH, the endowment fund is not limited to financial donations.
He says support is also in the forms of legacy projects, scholarships and study fellowships, and donations of books, journals and teaching aids.
Ejiofor, who is also YABATECH’s Head of Public Relations Unit, says the endowment fund will be managed by a board of trustees comprising credible Nigerians who have made giant strides in the public and private sectors.
According to him, the mandate of the board is to administer the fund in perpetuity and ensure judicious utilisation for the benefit of the college and the donors.
Mr David Egbowon, Director of Publicity, Student Union Government of YABATECH, describes the endowment fund launch as a good step in the right direction.
He is convinced that it will be of great benefit to students and the institution in general.
As the institution makes its moves, the Federal Government also continues to push in bridging infrastructure gaps in tertiary institutions and boosting investments in the education sector generally.
In the college, the Federal Government, in the year 2022, handed over newly -constructed/rehabilitated car parks and internal roads as part of its Intervention in Internal Roads for tertiary institutions.
The projects were implemented by the Federal Ministry of Works and Housing on behalf of the Federal Government.
Reviewing YABATECH activities in 2022, its Rector, Omokungbe, believes strongly that the institution has made significant progress.
“We have a lot to thank God for; His protection and guidance in the past years despite the challenges that surround us.
“This outgoing year, we have achieved and made significant progress.”
Yaba College of Technology, with no fewer than eight schools, 34 academic departments and 70 accredited programmes across National Diploma, Higher National Diploma and Post-Higher National Diploma levels, also offers certificate courses.
Its authorities are hopeful that the seed sown in 2022 will begin to change the face of the institution in the coming years.