THE COST OF TERTIARY EDUCATION IN NIGERIA
THE COST OF TERTIARY EDUCATION IN PRIVATE AND PUBLIC INSTITUTIONS IN NIGERIA: A CASE STUDY OF BABCOCK UNIVERSITY AND THE UNIVERSITY OF IBADAN.
Education can be seen as an investment due to its potential yields, for this purpose, both the public sector and private individuals have continued to contribute to education financing in Nigeria.
Despite this contributions, the Public Universities have been said to provide sub-standard Education while its Private counterparts continue to flourish. Thus the need for this study.
This study focuses on the cost of completing a degree programme (law) in the University of Ibadan and Babcock university.
THE COST OF EDUCATION IN BABCOCK UNIVERSITY AND THE UNIVERSITY OF IBADAN
Babcock University which is a private University is fully funded by individuals and runs on the fees paid by its students. For this reason, it is far more expensive to study in such Private Universities than in a Government funded University like the University of Ibadan.
This study looked into the cost of Studying law in both Universities. The following findings and observations were made as a result of this study;
COMPARATIVE STUDY ON THE COST OF STUDYING LAW IN THE UNIVERSITY OF IBADAN AND BABCOCK UNIVERSITY BOTH IN NIGERIA.
COST OF STUDYING LAW IN BABCOCK UNIVERSITY
|100 Level||200 Level||300 Level||400 Level||500 Level|
|2 Meals Option||133,529||133,529||133,529||133,529||133,529|
|3 Meals Option||200,293||200,293||200,293||200,293||200,293|
|Graduation, Alumni Fees||47,880||47,880|
|Fraud Audit Course *||35,000||35,000||35,000|
|Miscellaneous (Other Charges)||211,840||169,140||170,340||170,340||170,340|
|TOTAL||1595489 – 1909062||1552789-1866362||1553989-1867562||1553989-1867562||952729-1266302|
|GRAND TOTAL||7,208,985 – 8,776,850/ 7103985 – 8671850 **|
1 Instructional Include: Tuition, Registration, Library, Development fees, * Optional, Miscellaneous (other fees) include: PCF, BUSA, IT Competence, etc, **Grand total for those who did not take option *
COST OF STUDYING LAW IN THE UNIVERSITY OF IBADAN.
|I. D card||650||650|
|Accommodation per bed space||15000||15000||14000||14000||14000|
|Admission and Orientation fee||7500|
|Portal access fee||2000||2000||2000||2000||2000|
information from both schools were gotten from; https://www.babcockuniversity.com/finance https://ui.edu.ng/feespayable
From the study, we found out that the cost of Studying law in Babcock University Therefore Ranges between 7103985 Naira and 8776850 Naira, while in the University of Ibadan it ranges from as low as 225450 Naira only.
From the study the following were learnt;
- Cost of studying a degree programme in a private institution and studying same in a Federal government owned institution is in a ratio of 20:1
- Lesson learnt university of Ibadan is more affordable than Babcock university
- Accommodation in university of Ibadan is far cheaper than Babcock university
- Babcock university have provision for feeding of their students and university of Ibadan does not.
- Babcock University provides world class learning facilities but University of Ibadan does not
- Babcock University students enjoy better education environment than those in University of Ibadan
- Babcock University does not provide education for the average and poor in the Nigerian society.
The National Policy on Education recognizes Education as an expensive social service that requires the adequate financial provision for the successful implementation of Educational programmes ( Ogunyinka, 2013).
There is need for private individuals to partake in the funding of Education as a result of the over burden of Educational
funding on the Government which has led to instability and provision of low standard and outdated Educational services.
According to Saavedrea (2003), since the 1980’s, corporate organizations, communities, philanthropists, international development partners,
multinational corporations have provided resources for Education delivery in the country.
Despite being true, these contributions have proven to be unable to satisfy educational needs of Nigeria today and for this reason many individuals including Federal government appointees and policy planners have suggested that private individuals should be allowed to contribute to the funding of their own
Education in Public Tertiary Institutions as it is the case of its private counterparts; in order for education to continue to blossom in Nigeria.
Conclusively, there is need for improvement in Educational financing in Nigeria with special emphasis on the government funded institutions in order for them to be able to compete with their private counterparts and other tertiary institutions of International Standard.
However, due to the economic state of the country Educational funding through school fees in public institutions may not be feasible and for this reason an increase in the Educational budget of the country has been recommended.