Minister tasks governing councils on prudent management of institution finances
The Honourable Minister of Education, Professor Tahir Mamman, recently addressed the newly inaugurated Governing Councils of tertiary institutions in Nigeria, emphasizing the importance of prudent financial management. This call to action comes at a crucial time when effective governance can significantly impact the growth and development of universities, polytechnics, and colleges of education nationwide.
Key Takeaways from the Minister’s Address
1. Prudent Financial Management is Essential
Professor Mamman urged council members to avoid extravagant expenditures that could jeopardize their institutions’ financial health. He highlighted that their roles are part-time, and as such, they should not demand benefits or privileges that exceed their jurisdiction. This includes avoiding requests for chartered flights or lavish accommodations, which have been reported in the past.
2. Exploring Diverse Funding Sources
Recognizing that the government cannot meet all financial needs, the Minister encouraged councils to seek multiple sources of funding. This could involve forging partnerships with the private sector, engaging alumni, and pursuing international grants. By diversifying funding streams, institutions can enhance their financial stability and support their academic missions.
3. Maintaining a Clear Governance Structure
The Minister reminded the councils of the importance of adhering to established laws and regulations regarding the appointment of principal officers. He stressed that bypassing these regulations could lead to complications and petitions that undermine their authority. Proper governance ensures that institutions operate smoothly and effectively.
4. Focus on Accurate Data for Decision-Making
Accurate data is crucial for informed decision-making in resource allocation and strategic planning. The Minister emphasized the need for reliable data to guide interventions and support from government and international partners. Implementing systems that provide verifiable data will enhance the overall management of educational institutions.
5. Addressing Institutional Challenges
In addition to financial management, the Minister pointed out other challenges that councils must tackle, such as addressing staff grievances, combating sexual violence, and stabilizing academic calendars. These issues are vital for creating a conducive learning environment and ensuring the well-being of students and staff alike.
Conclusion
The Minister’s address serves as a timely reminder for governing councils to prioritize prudent financial management and effective governance. By focusing on responsible spending, exploring diverse funding avenues, and adhering to regulatory frameworks, these councils can significantly contribute to the growth and sustainability of Nigeria’s higher education institutions. As they embark on this journey, collaboration with all stakeholders will be essential in fostering a thriving educational landscape.
