Prof. Tunde Samuel of the Lagos State University (LASU), has urged both the federal and state governments to embrace vocational and technical education for rapid economic transformation.

Samuel who made the call on Wednesday in Lagos during the institution’s 49th inaugural lecture said there was no need investing in a tertiary education system hat would not guarantee employment.

Delivering a paper entitled “Total Deregulation, the Inevitable Bitter-Pill; or Partial Deregulation, a Policy Heresy”, Samuel said total deregulation was inevitable even though it was inappropriate now.

“Deregulation of the tertiary education will enable the educational sector fulfill its social welfare function,’’ he said.

Samuel, a Professor of Economics of Education in LASU’s Faculty of Education, said the cost of running tertiary education was enormous and government was being over-stretched financially.

“The United Nations’ Unit Cost Estimate for tertiary education in Africa was now put at between N2.3 million and N1.5 million for upper limit and lower limit respectively.

“That figure covered a four year degree programme,’’ he said.

Samuel noted that majority of Nigerians would not have access to tertiary education with the current per capital rate of less than two US dollars per day.

He said the provision of education for all by the government was becoming increasingly difficult.

The university don however added that privatisation would encourage efficiency and effectiveness, “even though this would be at the expense of access”.

The former Special Adviser on Education to ex-Gov. Bola Tinubu of Lagos state said the Purchasing Power Parity (PPP) was a major reason for deregulation of tertiary education.

According to him, PPP was the rate of currency conversion, which eliminates differences in price levels among countries.

He said the weak exchange rate in Nigeria explained why university professors were poorly paid in spite of the noise-making about the new salary structures and allowances.

Samuel recommended that all tertiary institutions in the country must evolve strategic plan of action for meaningful development and transformation of the tertiary orbit.

He also urged all tertiary institutions to stop multiplying academic programmes when the existing ones were under-funded.

Samuel said while the 26 per cent benchmark by UNESCO was no longer realistic, the 2012 IMF per capital N1.5 million to N2.3 million represents a realistic per capital tertiary education.