Osinbajo Calls for Endowment Funds as Long-Term Solution to Education Underfunding

Former Vice President Yemi Osinbajo has renewed calls for structural reforms in the funding of Nigeria’s education sector, advocating the widespread adoption of endowment funds as a long-term solution to the persistent financial challenges facing schools across the country.

Osinbajo made the appeal during the 94th Founders’ Day celebration of Igbobi College, Lagos, where he described endowments as pools of funds or assets donated by individuals, alumni, and corporations and preserved to support institutions over generations. According to him, such funds are critical to sustaining educational standards, institutional culture, and moral values long after founders and benefactors are gone.

“Many of the world’s great institutions are supported by large endowments that keep them running for decades, sometimes centuries,” Osinbajo said. “Endowments are not just about money. They are about continuity — the continuation of values, standards, traditions, and an entire worldview that defines an institution.”

Reflecting on the origins of Igbobi College, founded in 1932 by Anglican and Methodist missionaries, the former vice president noted that the school itself was a product of endowment-driven philanthropy. He explained that although students pay fees, the disciplined moral and civic environment that shaped generations of Nigerians was made possible by sacrifices from earlier benefactors who believed in investing in education beyond their own lifetimes.

Osinbajo lamented what he described as decades of neglect of Nigeria’s education system, warning that the nation is already “paying a heavy price” for persistent underfunding. He pointed to dilapidated facilities, inadequate teaching resources, and declining learning environments in many schools as evidence of a system under strain.

“Many of our schools today are broken and under-resourced,” he said. “This is not without consequence. When education suffers, leadership suffers, and the nation eventually bears the cost.”

Emphasising the formative power of secondary education, Osinbajo argued that the habits and values that define effective leadership are shaped early in life. He recalled strict routines such as early morning wake-up times and “lights out” rules in boarding schools, noting that such discipline instills responsibility, resilience, and structure.

“The habits that sustain adults are formed in school, not improvised later in life,” he said. “By the time a child turns 18, their ethical instincts are largely formed. When we complain about leadership failures, we must also examine the foundations we laid — or failed to lay — in our schools.”

Osinbajo, who attended Igbobi College between 1969 and 1975, credited the institution with shaping his personal and professional journey. He recalled winning the State Merit Award and the African Statesman Intercollegiate Best Speaker’s Prize, achievements he attributed to the school’s disciplined and value-driven environment.

The event, themed “Building Generational Strength for Educational Institutions in Nigeria,” was moderated by Prof. Anthony Kila and featured the unveiling of a ₦10 billion Endowment Fund by the Igbobi College Old Boys’ Association (ICOBA). The fund is aimed at revitalising the school and securing its future for the next century.

ICOBA President, Chief Yomi Badejo-Okusanya, said the endowment would be used to construct new hostels, upgrade science laboratories, and introduce advanced learning technologies. He added that professional asset managers, Chapel Hill Denham, would manage the fund to ensure transparency and accountability.

Representing the Lagos State Government, Commissioner for Basic and Secondary Education, Jamiu Alli-Balogun, pledged government support for initiatives that strengthen schools, noting that quality education reduces social costs and strengthens the nation’s leadership pipeline.

As debates continue over education funding in Nigeria, Osinbajo’s remarks have reignited conversations about sustainable, community-driven solutions and the role of alumni, private sector actors, and governments in safeguarding educational institutions for future generations.