This paper examines effective management of tertiary education for socio-economic development and political freedom, based on the application of internally-generated revenue option. It reveals that the development of education cost of higher educational implementation is enormous and, thus, requires other sources of revenue to meet school resources’ commitments for the achievement of goal. Specifically, it espouses: Financing mode in education and higher education socio-economic development and political emancipation; challenges of higher education in Nigeria and socio-economic development and political emancipation; the case of the academic staff union and its struggle against the poor funding of higher education; the internally-generated revenue option as a reliable and supplementary source of finance of higher education; sources of school revenue generation and higher education socio-economic development and political emancipation. The paper concludes and recommends that: public-private-partnership should be employed to cater for other financial needs of higher institutions in Nigeria; and all stakeholders in the management of higher education system must employ other sources of funding like Universities’ Action Researches Conduct; Capacity-building Training Programmes; Parent-University Linkage Programmes; and even Grant-manship and collaboration activities and programmes for additional internally-generated revenue.

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