Universities and Colleges are considered as institutions of higher learning. Libraries in these institutions play an important role in supplementing the higher education and research. Libraries are otherwise known as ‘information and knowledge repositories’ and enable the students to build up an appropriate academic and professional career. It is therefore necessary to design and develop a quality library system in order to provide an effective teaching and learning environment. Library as ‘learning and intellectual centre’ need to be supported not only in building, physical, human, and intellectual resources, but also require strengthen its financial resources. A perennial source of finance is a great support to the library system to provide quality services. Therefore, College and University libraries are facing constraints to meet the developmental activities and services as they are expected to be. Therefore, mobilizing additional sources/finance is the need of the hour in the greater interest of the students, teachers, and research scholars and for the institution as well.