Abstract
<p>The purpose of the study was mainly to identify the major sources and utilization of internally generated financial revenue by Nigerian University administrators. The population of the study consisted of all the 102 university administrators from the seventeen Federal Universities in Southern Nigeria. Descriptive statistics and Pearson Product Moment Correlation were used to analyze the research questions and hypotheses formulated for the study. The analysis revealed that commercial ventures were among the main sources of IGR while the proceeds were used for services including staff welfare, maintenance of facilities and beautification of the university premises. A further analysis of data showed that there was a significant relationship between internally generated resources and the management and development of universities in Southern Nigeria. It is recommended that university administrators should be more transformative in their leadership style in order to strengthen their revenue base for effectiveness in University management.</p>
Highlights
Worldwide, it is generally held that all stakeholders in education, including Governments, individuals and communities expect schools at all levels to produce educated persons for national and individual development
Despite the obvious and enormous financial resources accruing to the country, the educational system is confronted with excessive inadequacy of infrastructure and facilities for teaching and research which have remained a clog in the wheel of effective administration of Nigerian Universities (Aina, 2002)
It reveals that commercial ventures followed by research and consultant services were the major sources of Internally Generated Revenue (IGR)
Summary
It is generally held that all stakeholders in education, including Governments, individuals and communities expect schools at all levels to produce educated persons for national and individual development This expectation is higher at the University level which by its nature is expected to produce very high level quality manpower both for its educating functions and meeting the needs of the society for effective growth and development of every sector of the economy. The financial challenge facing university education in Nigeria is gross under funding which could be linked to undue reliance on Government for funds by university managers (Erhagbe, 2014) Such inadequacy of funding could be linked to the depression in the country’s economy as well as the high level of corruption in the country. Likewise the management could hardly embark on capital or other palpable development of their institutions; a situation which in turn has adversely affected capacity building and total development
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