On the Use of Double Sampling Method in Analysing Internally Generated Revenue: A Case Study of Olabisi Onabanjo University

Abstract

Funding Nigerian Government owned Institutions has been the responsibility of the Government. Federal institutions have been enjoying the ease flow of cash from the Federal Government. However, State-owned Government Institutions like Olabisi Onabanjo University, as revealed in THE NATION newspaper, has been faced with under-funding from her host Government, hence, calling for creativity for this institution to create or increase the Internally Generated Revenue (IGR). Taking Olabisi Onabanjo University as a case study, this research used a Double Sampling for Regression Statistical Sampling with estimation method to estimate approximate total amount of eight hundred and sixty nine million naira (N869 Million) that the can generate annually from six proposed businesses with reference to the undergraduate population. These six businesses have the following estimate, percentage of contribution to IGR and the corresponding percentage coefficient of variation: Students’ Accommodation (N265 Million: 30.5%: 4.24%),Female Hair do and Male Hair cut (N172 Million: 19.77%: 12.21%), Egg Sales (N64 Million: 7.42%: 5.81%), Fruit Juice (N112 million: 12.90%: 8.56%), Customised Exercise Book (N36 million: 4.15%: 15.69%) and Bread Production (N220 million: 25.2%: 7.77%). It was recommended that Nigerian Institutions should endeavour to do these businesses. Similarly, there is need for Nigerian Institutions to establish the IGR directorate that will be delegated with the objectives on how to strategise on boosting, running and maintaining IGR activities for the institution in the most aggressive and profitable ways.