Financing Education in Nigeria for National Development

Abstract

The expansion and funding of education have attracted much interest both in the past and in recent times. Increased concern about rising costs is leading to the search and ways of reducing costs and expenditure. Economists have become interested in the sources of funding education, and are currently suggesting alternative avenues for financing the industry. The problem facing the education sector has led to many agitations for increased funding of education by labour unions and other concerned bodies in Nigeria higher education system. These unions have been consistent with their demands, citing decay of infrastructural facilities in our educational institutions, from primary to tertiary levels, vis-à-vis poor library facilities, empty laboratories, congestion in lecture halls and student hostels. They have in different forms and releases, charged the various governments of disobeying the UNESCO directive that member countries of the United Nations should allocate a minimum of 26 percent of their annual budgets to the educational sector. The challenge here is to fashion out appropriate funding initiatives that will generate benefit to the household, firm, the government and the rest of the world. Consequently, the study examines the Nigeria education financing including investment and accountability.

Keywords: Funding Education; National Development; Annual Budget; Education Development

DOI: 10.7176/JPID/51-06

Publication date: November 30^th 2019