The availability and functionality of Information and Communication Technology (ICT) provides a productive academic platform for both students and staff of institutions of higher learning. ICT use for educational purposes has enhanced teaching and learning through its dynamic, interactive and engaging academic course content. In application, it provides opportunities for individual instruction and group networking in actualizing educational and institutional goals. However, the extent of availability and utilization in the Nigerian educational system has been a subject of discourse among the academia, government and other stakeholders. This paper examines the availability and utilization of information and communication technology in the Nigerian higher education system and its implication for national development. The data for the study were mainly from secondary sources on ICT and national development through higher education. The findings of the study revealed that inadequate funding; insufficient skilled human resources, poor power supply, and inadequate infrastructure were the major constraints to the application and utilization of ICT in the Nigerian higher education system. It was recommended that a portion of the Tertiary Education Trust Fund (TETF) be directed towards ICT facility provision to enhance institutional capacity building anchored on ICT driven systems.