The term accountability means different things to different people in different organizations. In the educational setting, the term is seen as liability to one's accomplishment in the educational system. The ever increasing needs of the universities and the dwindling resources available to them have forced university management and other stakeholders seek innovative ways of ensuring survival of their universities. This can be achieved through proper accountability of the education goals, programs and productivity measurement. This article begins with a brief overview of the state of Nigerian university education, university management, concept of accountability and processes of accountability. The issues raised include those on goals, accountability and parameters for academic excellence in the system. The article concludes with some suggestions for improving accountability in Nigerian universities.