Financial Resources Management in Higher Education
- October 3, 2019
- Posted by: RSIS
- Categories: IJRISS, Social Science
International Journal of Research and Innovation in Social Science (IJRISS) | Volume III, Issue IX, September 2019 | ISSN 2454–6186
Financial Resources Management in Higher Education
Umeghalu, Evelyn Okwuchukwu1, Agha, Chisara Julia2, Okeowhor, Donatus Odinakachi3
1Doctorate Student, University of Port Harcourt, Department of Educational Management – Administration option
2Doctorate Student, University of Port Harcourt, Department of Educational Management – Higher Education option
3Doctorate Student, University of Port Harcourt, Department of Educational Management – Administration option
Abstract: Higher institutions of learning in Nigeria, especially government-owned ones are in need of strong financial resources management in order to be better the lot of the students as well as the full actualisation of their given mandate. In this respect, Financial Resources Management becomes one of the highly preferred corporate techniques by higher education institutions for serving as a reputable institution and attracts more financial gifting from the entire public as well as foreign vested interests. This study proffered exposition on the need for financial resources management in higher education, in the context of higher institutions of learning in Nigeria. Based on the exposition, it was suggested among others that, research work should be made available to the public on 80/20 ratio. 80 per cent commercialised and 20 percent open access. Also, students as well as other scholars of Higher Education should be provided with crowd-funding platform for research project.
Keywords: Financial Resources Management, Higher Education, Higher Institution of Learning, Budgeting, Budget Evaluation, Auditing.
I. INTRODUCTION
Higher Education in Nigeria can be referred to as a system of knowledge economy involving exchange of advanced level of information useful in equipping individuals with the technical-know-how in all aspects of life. It is a level of education that harbours and harnesses all post-secondary systems of education (The World Bank, 2017). Presently, there are approximately 300 Higher Education institutions recognized and mandated by the Nigerian government in partnership with non-governmental bodies and private individuals to engage in this knowledge economy. Higher Education as it is currently obtained in Nigeria is on the path of consistent improvement to meeting global demand through plagiarism free as well as in-depth research on contemporary issues (Orim, 2014).
