Review of Tertiary Education Trust Fund and Universal Basic Education funding provision to education: A strategic approach for Nigeria

Abstract

The paper reviewed some of the provisions of Tertiary Education Trust Fund (TETFund) and Universal Basic Education (UBE) funding in Nigeria. This review is necessary in order to establish whether these funds have provided the required impetus that would improve the education sector in Nigeria and areas that need improvement. It surveyed the impact that TETFund and UBE have had on quality, access, and equity in education. Particularly, it examined issues on the allocation of funds, resource utilization, accountability mechanisms, and challenges to the funds themselves. The review indicated how both TETFund and UBE had gone a long way toward ensuring that education thrives in Nigeria, even as the country continues to surmount numerous challenges. The challenges are numerous, from inadequate funding and inefficient resource management to lack of transparency and limited accountability. In the same vein, the review sought best practices and lessons learned from other jurisdictions for possible policy reforms in Nigeria. In the light of the above assertions, the study made strategic recommendations on how TETFund and UBE can be much more effectively implemented. This will involve increasing the level of funding, entrenching transparency and accountability, enhancing monitoring and evaluation mechanisms, and encouraging stakeholders to work together. If Nigeria heeds these recommendations, then it would have maximized the potential of its funding streams in education and put up an equitable and inclusive system.