According to Rasheed, this amount is actually not adequate for the smooth running of institutions.
He made the assertion during a Pre-Convocation Lecture of the 4th Combined Convocation of Bingham University in Karu on Friday.
The topic was: “Issues in the Nigerian Tertiary Education System“.
He said that there was a need to invest more in the education sector as the impact of the low education budget tended to a high illiteracy rate.
“We need to be a little bit more serious with our education sector in this country.
“ Public universities have to budget close to one billion naira for energy every year to buy diesel, pay NEPA, service generators, attend to some other things and what does the government give them?
” Today at the National Assembly, we are going for federal universities budget defence and we hope that if we are lucky, the National Assembly may allocate between N11mllion to N12million per month as overheads to take charge of energy every month.
” But in reality, what universities spend is between N60 million to N80million monthly to pay for electricity and that is why there is inadequacies of water, counselling, support for teachers, communication, internet and cleaning services,” he said.
The executive secretary said that in many universities, there was a huge infrastructural deficit with grossly inadequate lecture halls, laboratories, offices, hostels internet, and electrical facilities among others.
He, therefore, commended TETFund for its intervention role saying that without them, most universities would have gone into extinction.
Rasheed, while also speaking on the impact of the educational budget on governance and development in Nigeria, said the impact of low spending on education by past and present administrations was evident across the country.
“The widening gap of out-of-school children which currently stands at 18.5m is the highest in the world.
“ The figure has jumped from 10 million as parents withdraw their children from school for fear of abduction, kidnapping, and the rest so the illiteracy rate now stands at 78 million while tertiary enrollment is about 10.1 percent.
“ This has affected the youths’ development index which places Nigeria 161 out of 181, as disheartening as the rate is, it describes how the youths are increasingly frustrated and in disillusion in this country.
“This is happening as a result of low funding for education, especially at the local government level
“The quality of Nigeria’s primary education is ranked 120 out of 136 in the world as a result of the outcome of inadequate funding of education,” he said.
He, therefore, called for more investment in education to get to where we ought to be as a country, while also calling for massive technical skills as well as building more schools and equipping them with adequate equipments.
He added that the issues of governance were posing a lot of challenges in tertiary institutions, especially public institutions.
According to him, the key to the survival of private universities is a strong governing council but this is not so with public universities.
Rasheed said that the neglect of education was an invitation to chaos and disorder in society, hence, adequate attention must be given to the education sector to enhance national development.