Financial Management Strategies in Public Universities in Rivers State, Nigeria

Abstract

This study surveyed the financial management strategies in public universities in Rivers State, Nigeria. A descriptive survey design was used in this study, the study was conducted in three public universities in Rivers State, three objectives, and three research questions guided the study. The focus was on the sources of funding, budgeting practices, and funds allocation methods. The research consisted of 183 respondents made up of Heads of Departments (HODs), Deans, and Bursars. A breakdown of the respondents for the study shows that there were 156 HODs, 24 Deans, and 3 bursars from the three universities under consideration. The instrument used was a fixed response questionnaire, titled “University Finance Management Strategies Questionnaire (UFMSQ)”. The obtained data was analyzed using frequency, mean, and standard deviation to answer the research questions. The study discovered that amongst the alternative sources of funding available to public universities in Rivers State, fees as an internal source of funding ranks more predominant than external methods, and the budgeting practices adopted involves a financial plan for a year this was agreed on by the majority of the respondents. Furthermore, the funds’ allocation strategies adopted is such that funds were usually allocated based on student population and the nature of the academic programme. As a result of these findings, the recommendations made include; the establishment of an internal revenue generation office within each public university; strict observance of agreed budgets, and development of a concrete means of funds allocagtion.