This paper will examine the funding challenges confronting the implementation of the dual mandate policy in the Nigerian Colleges of Education (COEs) through the lens of resource dependency theory. The dual mandate introduced through the Federal Colleges of Education Act, 2023, empowers these institutions to concurrently award the Nigeria Certificate in Education (NCE) and Bachelor’s Degree in Education (B.Ed.). Employing a research design, this paper combines documentary analysis of 2023-2025 federal budget appropriations, TETFund disbursement records, and Federal Colleges of Education. Drawing on Preffer and Salancik’s (1978) resource dependency theory, the study identifies critical funding constraints, including persistent capital allocation deficits (averaging 7.7% of the education sector budget), infrastructural decay, staffing shortages, and the widening resource gap between colleges of education and universities. The findings reveal that while the policy represents a significant reform in teacher education, its successful implementation is contingent upon an estimated additional ₦47.3 billion in capital investment across the 12 Federal Colleges of Education. The paper recommends a dedicated Dual Mandate Implementation Fund, enhanced TETFund intervention allocation for COEs, and a phased implementation framework prioritizing institutional readiness over political expediency.