Ibiyemi Olatunji-Bello, immediate past vice-chancellor of Lagos State University (LASU), says public universities may need to charge at least N1 million per student to achieve financial independence.
Olatunji-Bello made the statement while speaking with Punch after completing her five-year tenure, which began in 2021.
The professor of physiology said LASU’s monthly payroll is now above N1 billion, while its N13 billion internally generated revenue (IGR) cannot cover salaries.
“Universities can achieve financial self-sustainability. If they can innovate and ensure improvements in the institution, money will come in,” she said.
“But then, if the money comes in, how do you spend it? Right now, LASU does not have financial self-sustainability.
“We may have increased our dedicated revenue, but we cannot survive. Our payroll right now is over N1bn per month. All the N13bn IGR does not cover our salaries.
“So, universities that want to attain self-sustainability will have to increase school fees into millions.”
She said some secondary schools charge more than N1 million per term, while some universities still collect about N100,000 yearly.
“So, any public university that wants to sustain financial independence will have to charge school fees of not less than N1 million per student,” she said.
Olatunji-Bello added that “good quality education needs money”.
She described the 2024 students’ union protest over a N10,0000 CBT payment as the lowest point of her tenure, while LASU becoming Nigeria’s most subscribed university by UTME candidates in 2025 was among her highest points.
“When JAMB declared that we were the most subscribed university by UTME candidates in Nigeria; that was great for me,” she said.
“And this year, 2026, we maintained that number one position. And not only did we maintain it, but we were even awarded N25m for maintaining compliance with JAMB regulations.”
She said her administration introduced programmes, expanded digital processes and developed new revenue sources, helping IGR rise from N3 billion to N13 billion.
On September 10, Lagos Governor Babajide Sanwo-Olu appointed Badejo Olawumi as her successor. Olawunmi, a professor of guidance and counselling, was born on August 4, 1962.
The comment comes amid concerns over funding in public universities. On September 9, Education Minister Tunji Alausa urged vice-chancellors to seek more funding sources beyond government support.
“To our Vice Chancellors: the era of waiting for the government to fund everything must end,” he said.
“Build the structures. Mobilise the resources. Strengthen your institutions. That is your responsibility, and it must become part of your legacy.”
