This funding strategy "should take cognizance of local uniqueness and modern realities based on global best practices," according to Buhari.
The President emphasized that proper funding for universities in various regions of the world was not the sole responsibility of the government and that this was why ASUU and other unions continuously engage in industrial actions within the university system.
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The academic staff's present issue of outstanding unpaid eight months' pay was caused by ASUU's eight-month strike last year over university budget and other welfare issues.
During the 7th convocation ceremony of Federal University, Oye Ekiti, the President, who was represented by Minister of State for Education, Goodluck Opiah, urged Nigerian colleges "to rethink themselves in the light of national and global expectations."
At the event, Wole Olanipekun, a constitutional law expert, was also named a visiting professor. He was joined by former First Bank of Nigeria managing director Bisi Onasanya and sports legend Segun Odegbami to receive honorary doctorates.
Buhari said that his administration's mass-centric policies had put Nigeria on an unstoppable route to greatness. He added, "My campaign to become president in 2015 was predicated on the pledge to enhance the security, boost the economy, and tackle corruption.
"I boldly declare that we have fulfilled the three commitments thanks to Almighty Allah.
"At the time of my inauguration, terrorism and other types of insecurity had all but besieged the nation.
"With all due respect, I declare categorically that the fight against terrorism has been waged and won since all the areas ceded to terrorist organizations have been regained.
Additionally, terrorism is currently dying in Nigeria.
"Any university that does not make worthwhile contributions to the positive developments of its country and the global community has failed to live up to the cause for its existence," he admonished the Nigerian ivory towers.
"I ask that everyone pitch in to save our beloved nation from the numerous socioeconomic and political problems it faces.
"I challenge FUOYE to take the initiative in offering practical answers to these problems.
The fiscal allocations to the sector have continued to benefit the university system the most.
"Notably, my administration has consistently funded human capital and infrastructural development across Nigerian universities, particularly through increasing funding of Tertiary Education Trust Fund."
The President further challenged ASUU and other sister unions to use half of the energy they expend on challenging the government over funding issues to rein in the excesses of their members, including gross indiscretion and corruption, which, in his view, made it difficult for Nigerian universities to compete internationally.
In his remarks, FUOYE VC Prof. Abayomi Fasina urged the graduates to promote the university positively by noting that it has established itself on a global grid of academic excellence in the shortest amount of time since its founding.
3,898 students were officially graduated by FUOYE, including 3,811 with first-class degrees (91 firsts, 1423 seconds upper, 1845 seconds lower, and 452 thirds), and 103 with higher degrees (including 12 doctorates, 71 master's degrees, and four post-graduate diplomas).
