Former Vice Chancellor of Lagos State University, Ibiyemi Olatunji-Bello, has said public universities may need to charge at least N1 million annually per student to attain financial sustainability.

Olatunji-Bello made the proposal in an exclusive interview with PUNCH following the completion of her five-year tenure on Saturday.

She identified inadequate funding as a major challenge confronting public universities, citing Lagos State University’s financial obligations despite a significant increase in its internally generated revenue.

According to the former vice chancellor, LASU’s monthly wage bill currently exceeds N1 billion, while the university generates about N13 billion annually through internally generated revenue.

She said the institution’s IGR was therefore insufficient to cover its salary obligations alone.

Olatunji-Bello argued that universities could improve their financial independence through innovation and the development of additional revenue streams, but said institutions seeking full financial sustainability would need to substantially review their tuition charges.

She noted that some secondary schools already charge more than N1 million per term, while certain public universities collect approximately N100,000 annually.

She consequently said a public university seeking to maintain financial independence would need to charge no less than N1 million per student each year.

The former vice chancellor also emphasised the cost of maintaining quality education, urging parents to give greater priority to financing their children’s education.

During her five-year administration, Olatunji-Bello said LASU increased its internally generated revenue from approximately N3 billion to N13 billion.

She attributed the growth to the introduction of new academic programmes, digital initiatives and other revenue-generating measures.

Reflecting on her tenure, she identified the 2024 Students’ Union protest over a N10,000 payment for computer-based testing as the lowest point of her administration.

She, however, described LASU’s emergence as the most subscribed university among candidates seeking admission through the Unified Tertiary Matriculation Examination in 2025 as one of the major achievements of her tenure.

Olatunji-Bello said LASU retained the top position in 2026 and received N25 million after maintaining compliance with regulations set by the Joint Admissions and Matriculation Board.