Utilization of Institutional Physical Assets and the Enhancement of Internally Generated Revenue in Federal Colleges of Education in Southwest Nigeria

Abstract

This study examined the utilization of institutional physical assets and its effect on internally generated revenue (IGR) in federal colleges of education in Southwest Nigeria. The study specifically aimed to determine the level of asset utilization, ident ify challenges affecting their effective use, and explore strategies to optimize revenue generation. The investigation was guided by four research questions and four hypotheses. A cross-sectional survey research design was adopted. The population comprised 3,050 staff members from three federal colleges in Southwest Nigeria, from which 340 participants were selected using a multistage sampling technique. Data was collected using a 24 -item researcher -developed questionnaire validated for content, construct, and face validity by three experts and pilot -tested with 20 participants, yielding a reliability coefficient of 0.88. Data collection was conducted over three weeks using direct in -person administration, and data were analyzed using descriptive statistics (mean, frequency, percentage) and inferential statistics (Pearson correlation and multiple regression) to test the hypotheses. Findings indicated a moderate level of asset utilization, significant contribution of assets to IGR, challenges hindering effective use, and the positive effect of strategic interventions. All null hypotheses were rejected. It was concluded that strategic management of institutional assets significantly enhances revenue generation. Recommendations include policy development, asset maintenance, staff training, private partnerships, and periodic review of revenue initiatives to improve financial sustainability.