Nigerian Institutions of Higher Learning are experiencing twin perilous challenges national leadership irrationality and internal anomie. As a result, many of the products of the institutions are not only half-baked but they are also unemployable. The deterioration is perennial and its causes are legion. Little or no decisive steps have been taken to ameliorate the situation over the years. In this study, an attempt is made, from the literary perspective, to historicise the problems, unearth their genesis and, in view of the findings, proffer suggestion that can help revive the standard. The theoretical framework adopted for the study, which is predicated on qualitative research methodology, is New Historicism. Each problem identified plaguing the institutions, from the selected texts, constitutes data for the study. The findings show that the moral decadence in the larger society is reflecting on Nigerian institutions of higher Learning, because the institutions are microcosm of the macro-society. The schools are not maintained; they are littered with substandard structures and academic programmes are marred by erratic policies, paucity of fund, riots, strike action and the purloining of fund appropriated for their development. To address these problems, the study suggests declaration of state of emergency on the Nigerian educational sector and reforms to salvage it from the sharp practices corroding standard in the system.