ACCORDING to statistics from the Nigerian Universities Commission, NUC, there are currently 263 tertiary institutions in Nigeria. And 53 of these are federal institutions, 63 are state-owned, and 147 are private institutions. There are more private tertiary institutions than federal and state institutions combined in Nigeria.
Since 1999, the Federal Government has been granting licenses to private sector promoters to establish private universities in Nigeria. This is obviously in appreciation of the need for private institutions of higher learning to render services and contribute to the socio-economic well-being of Nigeria and Nigerians.
TETFund is an intervention fund set up to rehabilitate, restore and consolidate tertiary education in Nigeria as contained in the Tertiary Education Trust Fund Act, 2011. The origin of the fund lies in the Education Trust Fund of 1993. TETFund is financed by Education Tax levied on all registered companies in Nigeria, with the exception of companies that provide educational services. The education tax payable by companies is 3% of the profits of the companies.5.
The system established so far in Nigeria is sub-par and leaves much to be desired in the face of international best practices. It must be appreciated that private universities meet and exceed the requirements for accreditation, and provide adequately equipped laboratories, good infrastructure, libraries, and parade highly qualified and committed teachers to deliver qualitative education that can only come to the fore where talents are expeditiously harnessed. International rankings of Nigerian universities clearly indicate that the private universities in Nigeria sit comfortably at the top of the ranking tables.
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