The paper examines the role of the Tertiary Education Trust Fund (TETFund) in the management of University education in Nigeria. A brief history of University education in Nigeria as well as the creation of TETFund was examined. Also the paper was guided with the use the Management by Objectives theory developed by Drucker in 1954. Emphases were laid on the basic functions of TETFund such as that of project facilitation, funding and staff development. The challenges confronting TETFund and ways

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... of improving TETFund's relevance in Universities in Nigeria were also discussed. It was concluded that if well co-ordinated, TETFund can help to boost the structure of University education in Nigeria. It was therefore recommended that various private organizations should contribute to the empowerment of TETFund and appropriate legislations should be made to assist the agency carry out its activities effectively. KEY WORDS: Management, Staff Training, Tertiary, Education, Funding importance of the university system of education cannot therefore be over-estimated. This has resulted in the continuous increase in the number of universities in the country.