This study put into consideration the assessment of availability and utilization level of Mathematics laboratory equipment by Mathematics lecturers and students of Colleges of Education in the North East, Nigeria using a research question to guide the study. Descriptive survey design with instrument the Availability and Utilization of Mathematics Laboratory Equipment Questionnaire (AULMLEQ) with determined reliability coefficient of 0.84 was used for the study. Data collected from forty (40) Mathematics lecturers and two hundred (200) Mathematics students from four (4) Colleges of Education in the North-East, randomly and purposively selected were analyzed using means and standard deviation to answer the postulated research question using the items on the questionnaire. From the study, it was shown among others that, most Colleges of Education in the North-East have adequate Mathematics laboratories; most of the lecturers and students make use of the Mathematics laboratory equipment; Mathematics laboratory equipment does not enhance understanding of Mathematics concepts; Mathematics laboratories are not effectively utilized by lecturers and students; there are insufficient Mathematics laboratory equipment for all the students in institution, the Mathematics laboratory equipment are no enough for the use of both lecturers and students; and there are enough Mathematics laboratory equipment technologists in the school who attend to lecturers and students in the laboratory. Based on the findings of the study, it was recommended among others that individual Mathematics lecturer should improvise as much as possible and utilize equipment that can aid effective teaching and learning of the subject in their institutions