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There were only two (2) federally owned universities in Nigeria in 1962. The number increased to 13 in 1975 and went further to 26 in 2008. From the mere 104 pioneer students that enrolled at the University College Ibadan in 1948, the total student enrolment in Federal Universities jumped to 2,754 in 1965, 259,904 in 1998 and 433,871 in 2003. How has funding been over the years? Will the Federal Government be able to cope in area of funding if it carries out its intention of converting all Federal Polytechnics to Universities? The paper traced the history and funding patterns of both University and Polytechnic education right from the inception to the present day, provided reasons for governments reasons for the conversion of the Polytechnics and concluded that the Federal Government definitely has to provide more funds for graduates of Federal Government universities to be accepted as equals of their counterparts in Europe and America.
Key words: Federal Universities Funding Federal Polytechnics