Revenue Generation Models Of Financing In The Administration Of Tertiary Institutions In Cross River State, Nigeria

Abstract

Tertiary institutions play a critical role in the economic and social development of a country, as they produce a skilled workforce that can contribute to the growth and development of various sectors of the economy for human capacity building. Tertiary institutions in Cross River State, Nigeria are faced with various challenges, including inadequate funding and insufficient resources to support their academic activities. This study explored revenue generation models of financing in the administration of tertiary institutions in Cross River State, Nigeria.  Descriptive survey research design was adopted in the study. A sample of 720 respondents made up of all the account and financial officers in tertiary institutions in the study area, was drawn through census approach to participate in the study. A 20-item instrument titled: Revenue Generation Models of Financing Tertiary Institutions Questionnaire (RGMFTIQ) with a reliability index of 0.88 on Cronbach's alpha was used for data collection. This instrument was effectively validated by three (3) experts in the Department of Educational Management University of Calabar. Mean and Standard deviation was used to answer the two (2) research questions, while Multivariate Analysis of Variance (MANOVA) was used to test the hypothesis at .05 alpha level. Findings revealed that those models occur at a low level and could not be accepted as sources of revenue generation in tertiary institutions in the study area. The result of the hypothesis revealed that there were no statistically significant differences in financial and account officers’ perception on the revenue generation model as well as in their educational impact domain in tertiary institutions in Cross River State. It was recommended hat tertiary institutions in Cross River State should consider diversifying their revenue sources beyond government funding to enhance their financial sustainability.