Private varsities in search of funds for University development

Wary of insufficient fund available to fund private Universities, the league of Private Universities in the country has called on the Tertiary Education Trust Fund (TETFund), the Nigeria education intervention agency to fund private institutions in the areas of infrastructural development, staff development and research grant.

Consequently, Nigeria’s private universities led by the Committee of Vice-Chancellors and Registrars of Private Universities, have submitted a document before TETFund in Abuja, seeking loans with a single digit interest rate for the development of on campus infrastructure, research grant, attendance of congresses, attendance of research among other interventions.

Speaking at a press conference  heralding the Sixth Convocation of Bells University of Technology, Ota, Ogun State, Isaac Adeyemi, the vice chancellor, declared that it was high time TETFund expands its intervention coverage to the Private Universities since its products contribute to the national development.

Adeyemi, who is the vice chairman of Committee of Vice Chancellors, and Registrars of Private Universities, decried inability of such institutions to access education intervention fund being enjoyed by their Public counterparts, saying the agency should appreciate Private Universities’ contribution to socio-political and economic development of the nation.

He said, “We are trying to see how we could also come on board with respect to funding from TETFUND, we hope for that. I have made a submission concerning that as a Vice Chairman of the Committee of Vice-Chancellors and Registrars of Private Universities. “About five months ago, there was a Conference in Abuja and I went to represent Private Universities and we made a submission on why Private Universities should benefit, in certain areas, from TETFUND, mainly on staff development, attendance of research, attendance of congresses, research grant.

“Private universities should be assisted for infrastructural development through a loan at single digit interest rate and the reason is simple, our products are going to labour market, there are contributing to the development of the economy.”

RAZAQ AYINLA