Integrating Business Opportunities and Innovations Strategies to Improve Internally Generated Revenue in Nigerian Tertiary Institutions

The study aimed to identify alternative funding sources for Nigerian tertiary institutions and propose solutions to revenue generation problems. It examined sources of Internally Generated Revenue (IGR), supplemented them with subsidies, and analyzed challenges faced by revenue generation. In achieving the objectives of the study, the study adopted multistage techniques and used quantitative descriptive survey research design. Four research questions were raised. Data were collected using structured questionnaire which were administered to 200 respondents from the 400 population from the selected South Western tertiary institutions which covered the finance and non-finance respondents. 20 tertiary institutions of 2 public, state and private Universities, 2 public, state and private Polytechnics, 2 public, state and Colleges of Education, 1 each of state and private College of Health Technology were the sampled institutions. The responses from the questionnaire administered were analyzed using both descriptive and inferential statistical tools. The null hypotheses generated for the study was tested using Analysis of Variance (ANOVA) statistical tool. The results showed that the average number of IGR sources was significantly lower in Private tertiary institutions than in State and Federal institutions. The sustainability of IGR sources was not significantly different across Federal, State, and Private institutions. Challenges faced by IGR were higher in State Government-established institutions than in Federal and Private institutions. The study concluded that tertiary institutions should continue to make conscious efforts to increase enrollment and generate more revenue. The study recommended forming offices for IGR development and fund raising, focusing on revenue-driven individuals. It also suggested exploring fund raising through philanthropists for IGR. Tertiary institutions should invest in profitable activities and increase enrollment by introducing marketable programmes to create more income opportunities.