The study analyses private cost of entrepreneurship education in Lagos State tertiary institutions. The purpose of the study was to find out the relationship that exists between the two private cost components such as direct and indirect in four Lagos State owned tertiary institutions. The study sample consisted of 19 Faculties/Schools and 97 Departments/Programmes of accredited courses. A multi-stage sampling technique was adopted to select the sample. However, the departments/programmes of accredited courses were purposively drawn and from these, a total number of 2037 respondents were chosen on a stratified basis. Private Cost of Entrepreneurship Education Questionnaire (PCEEQ) was used to obtain data for the study. The result of the data analysis indicated that there is no significant difference among the observed and expected direct and indirect private cost of entrepreneurship education in Lagos State Tertiary Institutions p>0.05 using chi-square analysis. However, least squares regression analysis, involving line-of-best-fit from the record of cost/output data estimates was employed, and Pearson Product Moment Correlation Coefficient Analysis as well as Multiple Correlation Analysis were used to determine the relationships among the two costs components. The study found that out of the total cost for entrepreneurship education in Lagos State tertiary institutions, LASU had 33%, LASPOTECH had 25%, MOCOPED had 23% and AOCOED had 19%. It was recommended, amongst others, that government should have more concern for entrepreneurship education in Lagos State Tertiary Institutions by providing adequate funds and facilities that will increase interest in acquiring skills relevant for self-employment.