It is a widely acknowledged fact that public tertiary educational institutions in Nigeria are not adequately funded. This has contributed to the slide in the giving and receiving standards of education in the country. However, as paltry as the financial receipts of the institutions are, it has been argued that, if the funds are transparently managed and properly accounted for by the managers or administrators of the institutions, the situation would not be all that bad. This paper attempts to unveil the salient breaches of the twin principles of accountability and transparency in the management of funds in the Nigerian tertiary educational institutions and the impact on the goals and objectives of the institutions. Findings reveal that it is not only the quantum of funds available to run the institutions that matters, but also the economy or management of the funds. It therefore proffers measures to reinforce the twin principles of transparency and accountability in the management of funds in Nigerian tertiary educational institutions.