Equity and social inclusion in education are core to the Sustainable Development Goal (SDG) 4. This goal recognizes that education is a human right that should be accessible to all, irrespective of socioeconomic status. Universities are uniquely placed to contribute to the 2030 Sustainable Development Agenda by guaranteeing inclusive and equitable education. As citadels of research, knowledge production, and innovation, these institutions are rationally obligated to steer the 2030 Agenda. Indeed, the growth of university education has contributed enormously to Kenya's economic development. Yet, to continue contributing to inclusive and equitable education, universities require finances to reorient, repurpose and refocus. Unfortunately, public universities in Kenya are presently experiencing challenges that threaten their contribution to sustainable development through SDG 4. Therefore, this paper sought to enquire whether funding is a dilemma to universities achievement of equity and social inclusion goals. Besides, the paper considered strategies to address access, quality, and management barriers to inclusive and equitable education in higher education. The paper used the argumentative approach to conclude that inclusive and equitable education in higher education is at the most risk due to the diminishing funding of public universities and the unilateral push by the International Monetary Fund (IMF) to overhaul some of these public universities. However, these institutions have the capacity to conduct research towards viable programs. Since funding does not appear as a dilemma to achieving equity and social inclusion in these institutions, this study recommends that the government should rethink the funding strategy in public universities by looking at other strategies like financial exposure awareness, development of principles, and change preparedness in order to enhance these institutions' potential to achieve SDG 4.