Financing university education in Nigeria. A proposal for infrastructure replenishment in universities
Languages of publication
The subject of replenishment of infrastructure in Nigerian public universities has been of great concern to stakeholders in the educational system. How to obtain an appropriate replenishment plan that would give the desired infrastructure for a university after a certain period of time is a long-standing problem. We attempt to find a solution to this problem from an engineering perspective based on optimal control theory. The revenue generated through the payment of school fees and the costs of investment in infrastructure are used to construct the objective function. The state variables are the amount budgeted for such an investment and the stock of infrastructure, while the rate of replenishment is used as the control variable. The problem is solved by utilising Pontryagin’s principle. The dynamics of the replenishment plan is illustrated with an example. The results show that there should be a steady increase in the amount budgeted, in order to attain the desired infrastructure.
- Department of Mathematics, University of Benin, Nigeria, firstname.lastname@example.org
- Academic Planning Division, University of Benin, Benin City, Nigeria, email@example.com
- Department of Mathematics, University of Benin, Nigeria, firstname.lastname@example.org
- AWOPEGBA P. O., Human resources, high-level manpower and the development of the Nigerian economy, [in:] Nigerian Economy: Structure, Growth and Development, M. A. Iyoha, C. O. Itsede (Eds.), Mindex Publishing, Benin City, 2002, 105 – 135.
- BARTHOLOMEW D. J., FORBES A. F., MCCLEAN S. I., Statistical techniques for manpower planning (2nd ed.), John Wiley & Sons, Chichester 1991.
- DAI D., SHEN K., A turnpike theorem involving a modified Golden Rule, Theoretical and Applied Economics, 2013, XX(11), 25 - 40.
- EBISINE S. S., Financing university education in Nigeria: some practical considerations and implications for national development, [in:] Resources Management in Education and National Development, R. O. Olubor, S. O. Okotete, F. Adeyanju (Eds), Institute of Education, University of Benin, Benin City, Nigeria, 2012, 181 – 194.
- EDWARDS J. S., A survey of manpower planning models and their application, The Journal of the Operational Research Society, 1983, 34(11), 1031 - 1040.
- EKHOSUEHI V. U., OSAGIEDE A. A., Evolution of Structures in a University System, Scholar's Press, Saarbrucken 2015.
- FAMUREWA I. O., Inadequate funding as the bane of tertiary education in Nigeria, Greener Journal of Economics and Accountancy, 2014, 3(2), 20 – 25.
- FEINSTEIN C. D., OREN S. S., A ‘funnel’ turnpike theorem for optimal growth problems with discounting, Journal of Economic Dynamics and Control, 1985, 9, 25 – 39.
- HARTL R. F., FEICHTINGER G., A new sufficient condition for most rapid approach paths, Journal of Optimization Theory and Applications, 1987, 54(2), 403 – 411.
- KAMIEN M.I., SCHWARTZ N. L., Dynamic Optimization: The Calculus of Variation and Optimal Control in Economics and Management (2nd ed.), Elsevier, Amsterdam 1992.
- MCKENZIE L. W., Turnpike theory, Econometrica, 1976, 44(5), 841 – 865.
- NICHOLLS M. G., The use of Markov models as an aid to the evaluation, planning and benchmarking of doctoral programs, The Journal of the Operational Research Society, 2009, 60, 1183 – 1190.
- NWADIANI M., Financing education in Nigeria: options, challenges and implication for national development, [in:] Resources Management in Education and National Development, R. O. Olubor, S. O. Okotete, F. Adeyanju (Eds.), Institute of Education, University of Benin, Benin City, Nigeria, 2012, 116 -133.
- OLALEKAN A. M., Political independence and the growth of university education in Nigeria, Benin Journal of Educational Studies, 2011, 20(1 & 2), 169 – 180.
- OSAGIEDE A. A., EKHOSUEHI V. U., On the choice of schools located outside the walkable neighbourhood of the household, Monografias Matematicas Garcia de Galdeano, 2010, 36, 117 – 126.
- ROBST J., Cost efficiency in public higher education institutions, The Journal of Higher Education, 2001, 72(6), 730 – 750.
- SETHI S. P., Optimal control of the Vidale-Wolfe advertising model, Operations Research, 1973, 21, 998 – 1013.
- SPEYER, J. L., JACOBSON D. H., Primer on Optimal Control Theory, SIAM, Philadelphia 2010.
- UBOGU, R. E., Financing education in Nigeria: implications and options for national development, [in:] Resources Management in Education and National Development, R. O. Olubor, S. O. Okotete, F. Adeyanju (Eds.), Institute of Education, University of Benin, Benin City, Nigeria, 2012, 148 – 157.
- WEBER, T. A., Optimal Control Theory with Applications in Economics, The MIT Press, Cambridge 2011.
Publication order reference