The study sought the perceptions of university academics on the use of IT tools for the formative assessment (FA) of students' learning outcomes. This study adopted a quantitative research approach and descriptive survey research design using a sample of 180 university academics. Academics' perception questionnaire was used for data collection. The instrument with two clusters was properly validated, and its internal consistency reliability indies found to be 0.79 and 0.85 for clusters A and B using the Cronbach alpha method. The obtained data were analysed using mean and t-test of independent samples. The results revealed that university academics perceived the use of information technology tools as veritable tools for effective implementation of FA. Further analysis revealed that the perceptions of the academics differed significantly by gender and qualification. IT tools are indispensable in the effective implementation of formative assessment practices in institutions of higher learning. This finding implies that quality assessment can be achieved using IT tools, but there is a need for professional development of the lecturers. It was therefore recommended that efforts should be made by the Nigerian Education stakeholders in making adequate provisions for the effective implementation of quality assessment using IT tools.