<p>The problem of funding and financing of our universities in Nigeria has become a reoccurring decimal, often times resulting into strikes and closures of the ivory towers. The fact that these problems are yet to be tackled by the government emphasizes the need for universities to evolve strategies for generating additional funds. The Federal Government directed through the National Universities Commission (N.U.C.) that all Federal Universities should generate 10 percent of their total yearly funds internally through various revenue diversification means. In view of the above, this paper examines the funding pattern in relation to qualitative university education in Nigeria, using alternative strategies in generating additional funds. The paper<em> recognizes funding as an external factor in achieving quality university education. Since the pursuit of Quality University education bothers on all stakeholders – the government, parents, individuals, firms and corporate bodies (who are the employers of labour). Based on this, the paper recommended some funding strategies with emphasis on the “Fiscal Justice’ principle of fairness” as a tuition fee strategy. Also private sector participation, partial deregulation and the macroeconomic strategies are other strategies recommended in the paper.<br /><br /></em></p>