Inadequate funding of university education that is occasioned by the present economic quagmire has made the need for generating revenue other than government allocation sacrosanct. It is against this backdrop that this paper attempted a holistic perusal of the issues associated with Internally Generated Revenue (IGR) in Nigerian Universities. This paper elucidated the concept of IGR, management strategies of IGR and Problems associated with IGR. It was, however, suggested that adequate technology and infrastructure should be put in place to block leakages, and competent task force personnel should be appointed over the administration of IGR, among others.