This study is based on lecturers' and students' perception on educational policy implementation factors and quality education in Nigerian universities. Educational policies have always been formulated purposely to guide the present and future thinking, actions and decisions of managers. The potency of policy is not in formulation but in its proper implementation. Problems in the system arising or that have been projected causing decline in the quality of education can be averted or prevented as the case may be through effective implementation. The research takes a look at the various factors that affect the extent of the policy implementation. The study adopted a descriptive research design method, and the data collected and analyzed shows some of the factors that affect the implementation of educational policies, and areas of effect were identified. For data collected, four null hypotheses were formulated and tested at 0.05 level of significance, the research instrument adopted was questionnaire, lecturers questionnaire contained 60 items while that of the students contained 58 items and were both analyzed using Pearson Product Moment Correlation Co-efficient (PPMC), Regression analysis and t-test. Stratified and random sampling techniques were used for sample selection; respondents were 90 lecturers and 900 students from a Federal, State and Private Universities in Oyo State, Nigeria. The results of the study revealed the existence of relationship between; (i) Adequate Resources of all forms; material, human, financial and Quality of University Graduates. (ii) The Political System (government) and the Quality of Education in Nigerian Universities. (iii) Proper Planning and coordination of the Policy Implementation Strategies and Quality in Nigerian Universities. (iv) Leadership at the top, middle and lower level of the Education System and Quality of Education offered at the university level. Recommendations were made to educational technocrats, educational planners and managers, and to government of all levels. There is a need to keep striving for quality even when it seems to have been attained; complacency is not an alternative.