The Role of Financial Management Practices in the Implementation of Alternative Funding Models and their Impact on Tertiary Education Sustainability in Imo State, Nigeria

Imo State’s public universities survive almost entirely on shrinking statutory allocations, yet students’ enrolment keeps rising. This study interrogates whether robust financial-management practices accelerate the uptake of alternative funding models (AFMs) and, through that channel, strengthen tertiary-education sustainability. A convergent-parallel mixed-methods design was adopted. Quantitative data were collected from 188 finance officers, bursars, budget staff, council members and donors across Imo State University and the University of Agriculture and Environmental Sciences using a 71-item questionnaire; qualitative insights came from 15 key-informant interviews. Partial-least-squares structural equation modelling showed that financial-management competence exerted a significant positive effect on sustainability (β = 0.42, p < 0.001); 57 % of this effect was mediated by AFM implementation. ICT adoption and audit transparency were the strongest enablers, while land disputes and political turnover were the main bottlenecks. The evidence demonstrates that sound accounts attract alternative money, which in turn funds accreditation, staff retention and green infrastructure.