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This desk research involved review of available literature on funding of Nigerian Academic Libraries (NALs). The aim was to ascertain the existing sources of funds for these libraries, re-appraise the available funding strategies and provide practicable alternatives. Findings show that the surfeit of ideas, captured in literature, has not positively changed the sorry financial state of academic libraries in Nigeria. As a result, these libraries still rely on sporadic but insufficient financial allocations from their parent institutions and periodic disbursements from the Tertiary Education Trust Fund (TET-Fund). Whereas receipts from these traditional sources have remained inadequate, the policy-makers and managers of these libraries are yet to seriously explore alternative funding mechanisms. These funding problems are exacerbated by a noticeable absence of the discipline required for sustained implementation of revenue-generating ventures. This paper presents additional but workable strategies intended to increase the income of Nigerian Academic Libraries (NALs) in the light of contemporary realities. The recommended strategies include, among others, introduction of a special Library Development Fee (LDF), creation of an Emergency Educational Infrastructure Intervention (EEII) Fund and amendment of the Public Procurement Act. A novel fund management regime that places the burden of accountability on library administrators was recommended.