Innovative Approaches to University Financial Stability: The Role of Experiential Learning During Economic Crises

Abstract

This study provides a detailed exploration of the financial challenges faced by Tai Solarin University of Education (TASUED), Nigeria, and the innovative strategies implemented to address them through experiential learning. Using a systemic problem identification approach, the research uncovered extensive financial leakages and inefficiencies stemming from unnecessary outsourcing, oversubcontracting, and underutilisation of resources. Data collection involved semistructured interviews, discussions with key stakeholders, and a comprehensive SWOT analysis, which revealed actionable insights. The findings demonstrate how TASUED leveraged its internal capabilities, restructured operational units, and initiated entrepreneurial ventures to achieve financial stability. Key strategies included developing income-generating projects, enhancing staff capacity, fostering collaboration among departments, and reducing dependence on government funding. The university also adopted a pioneering curriculum integrating vocational skills and entrepreneurial training, transforming graduates into self-reliant professionals. These efforts not only mitigated financial instability but also positioned TASUED as a model for innovation and sustainable development in higher education. This study underscores the critical need for adaptability and creative governance in navigating financial constraints within the university system.