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Top 10 Most expensive universities in Nigeria in 2022 and their fees

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Below is a list of the most expensive universities in Nigeria in 2022.

Nile University

Baze University, Abuja

Pan Atlantic University, Lagos

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American University Nigeria, Adamawa State

Afe Babalola University, Ado-Ekiti

Benson Idahosa University, Benin City

Covenant University, Ogun State

Bowen University, Ogun State

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Babcock University, Ogun State

Leadcity University, Ibadan

Most expensive universities in Nigeria in 2022 and their fees

In 1999, the first private university in Nigeria was established in Okada. It was named Igbinedion University. Since then, private educators and investors have literarily taken over the Tertiary Education sector in Nigeria.

However, the cost of running these private institutions continues to sky-rocket, a reflection of the economic realities of the country. Little wonder, private universities in Nigeria have become very expensive in recent times. The truth though, is, that quality education is not cheap anywhere in the world.

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Compared to public universities in Nigeria that have become relatively expensive in recent times as well, some of these private universities in Nigeria provide quality education to students that equip them to be able to compete with students from other climes.
Below is a list of some of the most expensive universities in Nigeria in 2022. Incidentally, some of the universities on this list are among the best universities in Nigeria in 2022.

Please note that these universities are listed in no particular order and the information fees mentioned here are not static, and school fees across various schools depend on the different types of courses and other factors.

#1. Nile University
Fee: ₦2,400,000 Million – ₦5,750,000 Million per session

Nile university ranks top among the most expensive universities in Nigeria in 2021. The University was established in 2009 and is located in Abuja. When they started, NILE had three faculties (Arts & Social Sciences, Engineering, and Natural & Applied Sciences) and 93 students.

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Currently, Nile University of Nigeria has six faculties and a School of Postgraduate Studies, as well as over 4,000 students (undergraduate and postgraduate). NILE currently offers 33 undergraduate programs and 43 postgraduate programs.
*NOTE: Fees only cover tuition, accommodation is not included.

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#2. Baze University, Abuja
Fee: ₦2,722,500 – ₦5,025,000 per session.

Baze University is one of the privately-owned universities located in Abuja Nigeria that offer quality education to students.

The main Campus is 6km from Abuja Central Area, on Jabi Airport Road Bypass Ring Road. Academic/Social activities commenced in the Academic and Administrative (Ahmadu Abubakar) building, the Social Area and the Sports Complex. Baze has another site at Bwari for further development.

Baze University began in April 2011 with a Foundation class and three Faculties: Management & Social Science, Law, Computing & Applied Sciences. Currently, the University has 6 Faculties which include the three (3) foundational faculties, Faculty of Engineering, Basic Medical, and Environmental Sciences. There are several specialties within these Faculties – see Courses

#3. Pan Atlantic University, Lagos
Fee: ₦2,028,000 – ₦2,835,000 per session

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The Pan Atlantic University had its origin as the Lagos Business School (LBS), established in 1991. The school was approved by the federal government as Pan-African University in 2002, and the LBS became its first school.

The Ajah Campus was completed in 2003 and in 2010 work began on the Ibeju-Lekki campus. The school boasts of some of the best lecturers a professionals in Nigeria.

#4. American University Nigeria, Yola
Fee: ₦1,850,000 – ₦2,660,000 per session.

The American University of Nigeria is one of the leading private universities in Nigeria located in the North and arguably one of the most expensive schools in Nigeria.

The university was founded in 2003 by Atiku Abubakar, Nigeria’s former vice president, along with other local and international statesmen and academic leaders.
The institution was conceived as a university which would focus on development issues while providing an education modeled after the best US practices in content and pedagogy. The three constituent schools were Arts & Sciences, Business & Entrepreneurship, and IT & Computing.

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In 2007, the name of the institution was changed from ABTI American University to its present name of the American University of Nigeria (AUN). The pioneer class of 92 students graduated in 2009.

#5. Afe Babalola University, Ado-Ekiti
Fee: ₦1,000,000 – ₦1,850,000 million

Afe Babalola University (ABUAD) is a private university located in Ado-Ekiti, Ekiti State, Nigeria. It was founded by a renowned Nigerian lawyer and philanthropist, Chief Afe Babalola, (SAN) in 2009.

Afe Babalola University offers Academic programs in six Colleges: Sciences, Law, Engineering, Social and Management Sciences, Medicine and Health Sciences, etc. They presently have five colleges; College of Law, College of Sciences, College of Medicine and Health Sciences, College of Engineering, and others.

#6. Benson Idahosa University, Benin City
Fee: ₦330,400.00 – ₦1,520,000.00

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Benson Idahosa University is one of the most expensive universities in Nigeria in 2021. The school located in Benin City, Edo State.

In February 2002, ten years after the application to start the school, the Federal Government graciously granted Benson Idahosa University license to operate.

The University started operating as a fully licensed institution in March 2002 with an initial student enrolment of 400, registered into two faculties (Faculty of Arts, Social Sciences, Education, and Faculty of Basic and Applied Sciences).

#7. Covenant University, Ogun State
Fee: N1.2 million on average (school fees vary according to courses).

Arguably the best private university in Nigeria and the top 5 best universities in Nigeria overall. Covenant University is one of the best universities in Nigeria in 2021. CU has proven to be a true institution of learning that sets students on the path of success in a globally competitive world.
Covenant University is a growing, dynamic vision-birthed, vision-driven University, founded on a Christian mission ethos and committed to pioneering excellence at the cutting edge of learning.

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#8. Bowen University, Ogun State
Fee: ₦425,900 – ₦3,499,000

Since its founding in 2001, Bowen has been dedicated to providing high-quality, morally sound, and socially relevant education in the most cost-effective manner to all its students.

Bowen University is a Christian Institution with total commitment to the age-long tradition held by the Baptist. The school is located at Iwo in Osun State, Nigeria, and is the first Baptist University in Africa.

#9. Babcock University, Ogun State
Fee: N₦700,000 and ₦1,977,200

Babcock University is a private Christian co-educational Nigerian university owned and operated by the Seventh-day Adventist Church in Nigeria. The university is located at Alishan-Remo, Ogun State, Nigeria equidistant between Ibadan and Lagos.

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In 2017, the university had its first set of graduates from the Ben Carson School of Medicine.

It is a part of the Seventh-day Adventist education system, which is the world’s second-largest Christian school system.

#10. Lead City University, Ibadan
Fee: ₦350,000 and above

Currently in its sixteenth academic session. Lead City University, Ibadan (LCU) is a private University approved by the Federal Government of Nigeria. It has graduated nine sets of students.

The school offers various programmes suitable for both the young adolescents and adult working class. Programmes are offered by specialized faculties in Social Sciences & Entrepreneurial Studies, Information Technology & Applied Sciences and Law.

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Lead City ranks as one of the most expensive universities in Nigeria in 2021.

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Fuel transporters halt strike as FG intervenes

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The about two-day suspension of operations with respect to the lifting of petroleum products by the Nigerian Association of Road Transport Owners has been called off by the oil transporters.

NARTO confirmed this in Abuja on Tuesday evening after the intervention of the Federal Government through the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri.

Lokpobiri as well as the President, NARTO, Yusuf Othman, told journalists that stakeholders in the downstream oil sector had reached an agreement to increase the freight rate of petroleum transporters, and to gradually settle other concerns raised by the tanker operators.

Aside from the minister and his team, and NARTO officials, other participants at the meeting in Abuja include officials of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, led by their Chief Executive, Farouk Ahmed; representatives of the Major Energy Marketers Association of Nigeria; Independent Petroleum Marketers Association of Nigeria; and others.

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The meeting among parties had been ongoing since Monday. Participants could not reach an agreement on Monday, and had to continue on Tuesday before resolving to meet some of the demands of NARTO.

“We have reached some agreements and members of NARTO have agreed to resume operations so as to reduce the plight faced by Nigerians with respect to getting petroleum products,” Lokpobiri stated.

The two-day suspension of operations by NARTO led to fuel queues by motorists in many states and the Federal Capital Territory on Monday and Tuesday.

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Recall that on Friday, The PUNCH reported that Nigeria might witness another round of fuel scarcity as NARTO had vowed to stop lifting petroleum products beginning from Monday due to the high cost of operations.

NARTO members have repeatedly raised concern over the high cost of diesel required to power their trucks for the transportation of petroleum products across the country.

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Oil marketers had told our correspondent on Thursday that diesel price was between N1,250 to N1,400/litre depending on the area of purchase.

NARTO’s President, Yusuf Othman, had in a statement he issued in Abuja on Thursday, said the statement was an official announcement from the association’s headquarters that members of the group would park their trucks from Monday.

“Why? It is because what we spend on operations is more than what we get in total, both in local and bridging,” he stated.

But after the meeting on Tuesday, he confirmed that the strike by the association had been called off, and urged NARTO members to resume operations.

“The suspension of operations has been called off because we have reached some agreements and there is going to be improvement in our freight rate going forward. So we urge our members to resume operations to reduce the plights of Nigerians,” Othman stated.

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Senate to probe Buhari govt, Emefiele over N30tn CBN loans

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The Senate on Tuesday resolved to probe how the N30tn Ways and Means loans of the Central Bank of Nigeria was obtained and spent by the administration of former President Muhammadu Buhari.

Ways and Means is a loan facility through which the CBN finances the government’s budget shortfalls.

The senate stated that the reckless spending of the overdraft collected from the CBN under Godwin Emefiele largely accounted for the food and security crises the country was currently facing.

The red chamber then resolved to set up an ad hoc committee to investigate what the N30tn overdraft was spent on by the immediate past government, noting that the details of the spending were deliberately not made available to the National Assembly.

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The ad-hoc committee which will be constituted on Wednesday (today) will also probe the N10tn expended on the Anchor Borrowers Scheme, the $2.4bn forex transaction out of the $7bn obligation made for that purpose as well as other intervention programmes.

The development came as biting food crisis, rising inflation, naira depreciation and worsening insecurity continue to take tolls on Nigerians.

President Bola Tinubu and his economic team have come under intense criticism after his last year’s fuel subsidy removal and exchange unification policy unleashed harsh economic conditions on citizens.

Tinubu’s cabinet members have continued to argue that the current crises were exacerbated by the gross mismanagement of the Buhari regime, arguing the current reforms were meant to right the wrongs of the past administration.

The latest move by the Senate is expected to unravel the ways the country and its resources was allegedly mismanaged by the Buhari administration.

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Buhari had in a letter to the National Assembly in January 2023 requested that the N22.7trn Ways and Means loan should be converted to a 40-year bond with a moratorium of three years.

He also requested approval to borrow an additional N1trn to fund the N819.5 billion 2022 supplementary budget which the lawmakers approved last December.

Following the request, the House of Representatives on May 4, 2023, approved the conversion of the N23.7trn loan to a long-term bond for 40 years at the rate of nine per cent per annum.

The bond has a moratorium of three years.

The lower chamber approved the consideration of the report presented by the House Committees on Finance, Banking and Currency and Aids, Loans and Debt Management.

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The Committee of Supply, chaired by the then Deputy Speaker Idris Wase, considered the recommendation in the report and approved it.

But the 9th Senate was thrown into a chaotic session after some lawmakers opposed Buhari’s request to approve the CBN loan as they demanded the details of his proposal.

The Chairman of the Senate Committee on Finance, Adeola Olamilekan, attempted to present the report of the president’s request when Rivers senator, Betty Apiafi, raised a Point of Order and said the president’s request was not constitutional.

She was, however, ruled out of order by the then Senate President, Ahmad Lawan, who asked that Olamilekan present the report before contributions are made.

Citing relevant laws from the Constitution, the CBN Act and the Senate Standing Rules, Rivers senator, George Sekibo, argued that the request was not in line with the Constitution.

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‘’It will be a disservice that we have spent that money on behalf of Nigerians. It will be an abuse of our personal sense and against our privileges if we approve this request without details of the expenditure,’’ he insisted.

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Many lawmakers who opposed the president’s request either said it was against the laws or wondered why the National Assembly was not notified when the amount was taken from the Central Bank.

Senate’s new probe

However, the Senate’s resolutions on Tuesday followed the consideration of the report of its Joint Committee on Banking, Insurance and Other Financial Institutions, Finance, National Planning, Agriculture and Appropriation on State of the Economy after interactive sessions held with the Federal Government economic management team.

But the consideration of the report during the plenary was stormy with accusations and counter-accusations by Senators on how the N22.7tn Ways and Means was passed by the 9th Senate in May 2023.

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The lawmakers were also miffed by the passage of N7.2tn on December 30, 2023, by the 10th Senate.

Specifically, the Whip of the Senate, Senator Ali Ndume (APC Borno South), in his contribution blamed the Senate for approving the request without details from former President Buhari.

Ndume said, “When the N22.7trn Ways and Means approval request was brought before the 9th Senate, I insisted that details of spending made with it should be provided before approval but the Senate then went ahead and approved it.”

However, the Deputy Senate President, Jibrin Barau, countered that the decision taken then was a collective one with the caveat that the executive should provide details later, which was however not provided.

In his defence, the former Senate President, Lawan, claimed that the Ways and Means was in the past and urged the Senate to focus on the present.

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Lawan said, “All of that is in the past, we must focus on the present which is the fact that people are hungry and they are crying. That’s what we should focus on.”

The Senate President, Godswill Akpabio, said as recommended by the committee and supported by most of the Senators, a thorough probe must be carried out on the N22.7tn Ways and Means approved in May 2023 by the 9th Senate which later increased to N30trn, with the passage of the N7.2trn accrued interest forwarded to the senate for passage last December.

Akpabio said, “The food and security crises confronting the nation now are traceable to the way and manner the said Ways and Means were given collected and spent. Details of such spending must be submitted for required scrutiny and possible remedies because what Nigerians want is food on their table which must be given.”

He added, “Other recommendations made by the committee on the need for a thorough investigation of the N10trillion Anchor borrowers programme, and other intervention programmes running into billions of dollars must be investigated.

“But as rightly recommended by the joint committee, security agencies should, as a matter of national urgency, combat all forms of insecurity across the country for farmers to access their farms for required food production highly needed in the country now.”

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According to the executive summary of the report by the Senate’s joint committee, a copy of which was obtained by one of our correspondents on Tuesday, the Nigerian economy is currently facing challenging times “largely caused by distortions resulting from major fiscal and monetary policy actions of previous governments notably the huge direct lending to the Federal Government by the Central Bank of Nigeria to the tune of about N30 trillion, the operation of an opaque fuel subsidy regime and a raft of interventions by the Central Bank which seemed not well targeted.”

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The report stated that this had led rising inflation especially food, and persistent naira depreciation.

In reaction to the current economic hardships being faced by Nigerians, the Joint Senate Committee on Banking, Insurance and other financial Institutions, Finance, National Planning, Agriculture and Appropriation, had held an interactive session with the key members of the Federal Government’s economic management team.

The aim was to ascertain the true state of affairs of the country’s economy, the nature of the challenges and measures being put in place to address them within the shortest possible time.

According to the report, what has emerged from the interaction is the urgent need to bring down inflation, boost food production and stabilise the economy through proper coordination of fiscal and monetary policies.

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The report further read, “The current state of the country’s economy is very challenging and has resulted in widespread suffering for the average Nigerian across the country. At the forefront of Nigeria’s economic challenges is the alarming surge in inflation rates, with headline inflation soaring to a staggering 28.92 per cent as of December 2023. This inflationary pressure is more evident in the essential sector of food, with food inflation now as high as 33.93 per cent leading to cost-of-living crisis and rendering basic necessities increasingly unaffordable for many Nigerians. The inflationary spiral not only erodes the purchasing power of households but also exacerbates poverty and inequality across the nation.

“One of the main drivers of inflation in Nigeria today is the volume of money in circulation. As at December 2023, the country recorded an unprecedented money supply of N78.74tn, and a 51 per cent year-on-year increase when compared to money supply as at December 2022. One of the driving forces of this significant increase in money supply was the N30tn Ways and Means or the direct financing extended by the CBN to the Federal Government which has only weakened the balance sheet of the central bank. In addition to the inflationary pressures, the country is also battling with acute shortages of food items.”

The report noted that the naira has continued to weaken against the dollar overtime, adding that “In January 2024, the naira depreciated against the dollar by 37.6 per cent which has contributed to the inflationary pressures in the country, increased the cost of goods and services and also led to increased foreign exchange speculation.”

The Senate probe panel is expected to begin to summon some key members of the previous administration’s cabinet members.

PDP welcomes probe

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The People’s Democratic Party has urged the National Assembly to follow through with the proposed probe and investigate Buhari’s administration

The PDP Deputy National Publicity Secretary, Ibrahim Abdullahi, said the current hardships facing Nigerians were a result of both “the actions and inactions” of the former President Buhari.

Abdullahi stated, “You know, that’s what we have always clamoured for. If there is any modicum of integrity in this government, then Buhari needs to be probed. It is not just about probing his government; Buhari himself should be probed. I am sure he does not enjoy any immunity now.

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“Nigeria cannot continue like this. Fifty years after independence, we are still stuck in the same place. Any Tom, Dick, and Harry will take over leadership for years, and after inflicting untoward hardship on the citizenry like Buhari did in his eight years, then the individual will go free, and nothing will happen.

“The PDP is supportive of the Senate’s proposed probe of Buhari’s government, despite our lack of belief in it. However, it signifies a development aimed at restoring the faith of Nigerians in the system. Buhari should be subjected to a tribunal or panel to account for everything he did during the last eight years.

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“Already, Buhari’s actions have been a form of self-investigation. We’ve been witnessing revelations, and some of us have been vocal about it even during his tenure. He was steering Nigeria backward due to a lack of ideas and offered nothing to Nigerians, yet some forces imposed him on us. We endured a harrowing experience during his eight years in office.

“They claimed he had Nigeria’s best interests at heart. How? The Senate should investigate him, and we support them wholeheartedly, hoping it won’t be another futile arrangement as we’ve seen in the past. Let them match words with action.

“Nigerians are receiving it the hard way now. Everybody is surviving miraculously, insecurity has taken a toll on this country. What we are going through these days, the upheavals in the country and the hardships are the fallout of what Buhari has done with this country within eight years.”

LP speaks

Also, the Labour Party described the Senate’s plan to probe Buhari’s administration as a welcome development, doubting however whether the Senate would follow through.

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LP’s National Publicity Secretary, Obiora Ifoh, expressed this view in an interview with one of our correspondents on Tuesday, likening the Senate to an appendage of Tinubu’s All Progressives Congress-led Federal Government.

He stated “If they actually want to walk the talk, then it is a welcome development. But also know that Nigerians do not have trust in this present Senate, because they are like an apron to President Bola Tinubu’s government. They have virtually approved any request by Tinubu’s government. So they don’t trust them

“The question is, do they have the political will to investigate APC? This government is a continuation of Buhari’s government and the APC is known for condoning corruption. So it is not likely they will carry out that threat. Because we know they are birds of the same feather and they flock together.

“So in summary the Labour Party thinks it is a good thing, but whether they will carry out that probe, is something else. Because the current Senate leadership does not have the political Will to investigate anybody, not to talk of the past government.”

Meanwhile, attempts to get comments from the former Minister of Information and Culture, Mr Lai Mohammed, were unsuccessful even as the counsel to Mr Emefiele, Mr Matthew Bukka, did not take calls to his mobile line at press time.

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FG seeks $10bn to stabilise exchange rate as naira tumbles

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The Nigerian Federal Government is planning to raise $10bn to improve liquidity in the foreign exchange market. On Tuesday, the naira fell to an all-time low of 1,850 per dollar at the parallel market.

President Bola Tinubu, who was represented by Vice President Kashim Shettima, disclosed this at the inaugural Public Wealth Management Conference in Abuja on Tuesday.

The Ministry of Finance Incorporated organised the event with the theme “Championing Nigeria’s Economic Prosperity”.

In a statement on Tuesday, the Senior Special Assistant to the President on Media & Communications, Stanley Nkwocha explained, “The Federal Government set a goal to raise at least $10bn in order to increase foreign exchange liquidity, a key ingredient to stabilise the naira and grow the economy.

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“At the core of this is ensuring optimal management of the assets and investments of the Federal Government towards unlocking their revenue potential. This includes our bold and achievable plan to double the GDP growth rate and significantly increase the GDP base over the next 8 years.”

The President further emphasised transparency and accountability as key principles, believing that improved corporate governance, innovative partnerships, and attracting alternative investment capital would significantly increase returns.

He noted that these improved returns will then be directed towards “crucial funding for education, healthcare, housing, power, roads and other areas vital to lifting millions out of poverty and stimulating sustainable economic development and job creation for the youth”.

Meanwhile, Theheute learnt that exchange rate volatility continued across the country on Tuesday despite the heavy presence of security personnel at the Wuse Zone 4 currency market in Abuja.

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Currency traders in Abuja quoted the buying price of the dollar at 1,820/$ and the selling price at 1,850/$, leaving a profit margin of 30.

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A bureau de change operator, Ibrahim Taura, predicted that the rates might reach an all-time low of 2,000/$ if proper measures were not put in place.

“The police filled everywhere in the market today but that still didn’t change everything. Today’s rate finished at 1,850/$ and I will buy it at that rate right now because there is demand,” he stated.

Another operator said he could only buy at the rate of 1,700/$, adding that the market was not suitable for good business.

However, the naira appreciated by 1.48 per cent to 1,551/$ at the official market, following an improved forex turnover of $117.32m.

This came after the local weakened for three consecutive days at the Nigerian Autonomous Foreign Exchange.

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The country has been battling with a lingering forex shortage due to a decline in oil production and foreign inflows.

According to data from FMDQ Securities, a platform that oversees foreign exchange trading in Nigeria, the local currency hit an intra-day trading high of 1,701/$ and a low of N1,100 before closing at N1,551/$ on Tuesday.

In June 2023, the Central Bank of Nigeria floated the naira after unifying all segments of the forex market, which has resulted in significant devaluation of the local currency.

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