REVENUE GENERATION STRATEGIES EMPLOYED BY TERTIARY INSTITUTIONS TO COPE WITH FINANCIAL CHALLENGES (KEY IJP************034)

• Engr. D.m. Nazif

Abstract

ABSTRACTThis study examines the revenue generation strategies employed by tertiary institutions to address financial challenges. The research highlights the increasing financial pressures faced by tertiary institutions due to reduced government funding, escalating operational costs, heightened competition for student enrollment, dynamic political atmosphere, the economic situation in the country, government policies, and so on. It is pertinent to conduct such research at this moment, due to the critical situations tertiary institutions are facing as a result of insufficient funds. This work employs a mixed-methods approach, combining quantitative data analysis of financial reports from selected institutions with qualitative insights from interviews with key administrative personnel. The case study areas are Federal Polytechnic Bauchi (FPTB) and Abubakar Tatari Ali Polytechnic (ATAP) Bauchi. The targeted population is the staff and students of these institutions, which is further broken into 1,000 respondents as the sample size for the study. Data collection was carried out using a self-study questionnaire which was randomly distributed across these tertiary institutions. The findings suggest that a multifaceted approach to revenue generation, tailored to the unique strengths and contexts of individual institutions, is critical for sustainable financial health such as commercialization of research and development, expansion of online and continuing education programs, and enhancement of alumni and philanthropic engagement. Additionally, partnerships with industry and the private sector, as well as the optimization of asset utilization such as campus facilities and intellectual property, are explored. The study concludes by providing recommendations for policymakers and educational administrators on best practices and innovative strategies to ensure the long-term viability of tertiary education institutions in a rapidly evolving financial landscape.Keywords: Strategy, Tertiary institutions, Revenue Generation, FPTB, ATAP Bauchi.