Drawing on the human capital theory and the pretext and aspiration theory, this paper aims at disentangling and making explicit or visible the pretension wrapped up in the aspiration of the Nigerian state to build universities for national development. It was found that there was and continues to be an aspiration to build universities for creating a knowledge-based economy (KBE). But, simultaneously, there also was, and continues to be, a pretension in it as indicated in the unwillingness of the state to fund universities. To survive, universities have resorted to commercialize their services. To cope with the increasing demand for access to universities, the state too embarked on the privatization of universities. To realize its aspiration to build the KBE, the state was urged to banish its pretension, partner with the Academic Staff Union of Universities in reforming the university system, and widen its university funding sources.