Management of Higher Educational Systems 335 Economic Approaches to Funding Higher Education in Nigeria By Ogar, Joseph Ojishe Department of Educational Management University of Calabar, Calabar ojishe2018@gmail.com Dr. Ntasiobi C. N. Igu Educational Management, Federal University, Ndufu - Alike & Joshua Ayota Uche Department of Educational Management University of Cross River Calabar Joshuauche800@gmail.com Preamble Globally, higher education has remained a veritable tool upon which nations depend on for attaining meaningful development but it is rather unfortunate that this sub-sector in Nigeria is faced with funding challenge. This is not surprising, as in recent times, government revenues have witness asymmetrical reduction, while the national economy itself is not promising as government saddled with statutorily responsibility of incurring the costs of higher education in the country is faced with budget constraints due to the need to meet it huge debt burden. To this regard, this book chapter is a scholarly exposition into approaches of funding higher education in Nigeria with a focus on the following areas of interest; v Concept of higher education v Concept of educational finance v Global Trends of Funding Higher Education -Bakker (2007) Input/output funding and demand side/supply side dimensions -Resource Dependence Theory perspective -The Dawkins’ reform in Australia -Higher Education Marketization, Privatization, and Corporatization system in the United Kingdom v Approaches to Funding of Higher Education -The Full Support Model (Government) -Partial Support Model (Government/Private) -Privatization model v Criteria for Evaluating Educational Finance Model v Recommendation v Conclusion v Reference Introduction Funding is one of the most fundamental requirement for efficient and effective management of any form of organization. It is also worthy to note that, no organization, be it private or public can thrive meaningfully by maintaining its efficiency evidenced by meeting the demands and expectations of its clients without sufficient financing. In line with this thinking, Qilong, Kang & Barnes (2016) asserted that resource allocation and funding in higher education is crucial to the success of reform and transformation of our higher education system. Financing Education in Nigeria, just like her other counterparts, depends on values and needs of that country. Education financing is largely dependent on the socio-economic and political factors of that country as well as variations in time and the countries wellbeing. The nature and type of