Abstract: The study investigated the stakeholders’ perceived adequacy of current school curricula in meeting employability needs of the undergraduates. It equally assessed the stakeholders’ position on what can be done on current schools’ curricula in order to meet the prevailing employability needs of the undergraduates. It further determined the stakeholders’ perceived employability skills needed by the undergraduates and finally examined the difference in students’ and lecturers’ perceived adequacy of current school curricula in meeting employability needs of the undergraduates. The study employed survey research design and the sample size consisted of 60 lecturers and 600 students purposively selected from five faculties in Obafemi Awolowo University in Ile-Ife, Osun State, Nigeria. An instrument comprising of four sections was developed by the investigators to elicit information from the respondents. The instrument was validated before use using Cronbach’s alpha and yielded 0.78. Three research questions and one hypothesis emanated from the study. The results among others showed that majority of the students had low perceived adequacy of current school curricula in meeting employability needs of undergraduates (45.0%) while majority of the lecturers had moderate perceived adequacy of current school curricula in meeting employability needs of undergraduates (61.7%). Also, there was a significant difference in students and lecturers perceived adequacy of current school curricula in meeting employability needs of the undergraduates (t = -3.343; p<0.05). The study recommended the need for provision of adequate educational facilities as well as improved funding in tertiary institutions in Nigeria.