Ibiyemi Olatunji-Bello, immediate past vice-chancellor of Lagos State University (LASU), says public universities across the country will have to charge N1 million tuition per student in order to sustain financial independence.
Olatunji-Bello spoke in an interview with Punch, where she reflected on her five-year tenure in LASU, which ended on Saturday.
The professor of physiology, who was appointed as vice-chancellor of the university in 2021, said her tenure recorded some achievements and challenges, one of which borders on funding. 
She said LASU currently has a monthly payroll of over N1 billion, while its internally generated revenue (IGR) of N13 billion is insufficient to cover salaries.
According to her, universities seeking financial self-sustainability would have to increase their fees substantially to meet the cost of running the institutions.
“Universities can achieve financial self-sustainability. If they can innovate and ensure improvements in the institution, money will come in,” she said.
“But then, if the money comes in, how do you spend it? Right now, LASU does not have financial self-sustainability.
“We may have increased our dedicated revenue, but we cannot survive. Our payroll right now is over N1bn per month. All the N13bn IGR does not cover our salaries.
“So, universities that want to attain self-sustainability will have to increase school fees into millions.”
The professor said while secondary schools charge over a million per term, some universities still charge about N100,000 per year, which according to her, isn’t sustainable.
“So, any public university that wants to sustain financial independence will have to charge school fees of not less than N1 million per student,” she said.
While noting that one can’t have academic excellence without paying for it, the ex-LASU VC urged parents to ensure their children are well-educated by prioritising their fees, adding that “good quality education needs money”.
Reflecting on her stint at LASU, Olatunji-Bello said the students’ union protest in 2024 over a N10,0000 payment demanded for computer-based testing (CBT) remains the lowest point of her five-year tenure.
She, however, described LASU’s ranking as the most subscribed university by UTME candidates in 2025 as one of the highest points.
“When JAMB declared that we were the most subscribed university by UTME candidates in Nigeria; that was great for me,” she said.
“And this year, 2026, we maintained that number one position. And not only did we maintain it, but we were even awarded N25m for maintaining compliance with JAMB regulations.”
She said all through the five-year stint, her administration introduced new programmes at the university, expanded its digital processes and explored other revenue-generating opportunities, which raised the IGR from N3bn to N13bn.
On September 10, Babajide Sanwo-Olu, governor of Lagos, appointed Badejo Olawumi, another female to succeed Olatunji-Bello in LASU.
According to a statement by Gbenga Omotoso, Lagos commissioner for information and strategy, Olawunmi, a professor of guidance and counselling, was born on August 4, 1962.
Olatunji-Bello’s remark comes amid growing public concerns over chronic underfunding plaguing public varsities in the country.
On September 9, Tunji Alausa, minister of education, urged vice-chancellors of public universities to diversify their sources of funding, saying government resources alone cannot sustain tertiary institutions.
Alausa noted that public institutions are sitting on enormous opportunities through their alumni, research grants, philanthropy, endowments and private-sector partnerships, but many have deprioritised the very structures needed to unlock them.
“To our Vice Chancellors: the era of waiting for the government to fund everything must end,” he said.
“Build the structures. Mobilise the resources. Strengthen your institutions. That is your responsibility, and it must become part of your legacy.”
