FINANCIAL ALLOCATION TO EDUCATION: TRENDS, ISSUES AND WAY FORWARD IN NIGERIA
Keywords:
Finance, allocation, education, trend, issue, way forward, NigeriaAbstract
In spite of the importance of education in national
development, education has not been enjoying commensurate
financing in Nigeria. One of the approaches the government
adopts in financing education in Nigeria is the annual
budgetary provision to the sector which is distributed as
subvention/grants to the different levels of the educational
system. Over the years, financial allocation to education
sector in Nigeria leaves much to be desired. The trends of
financial allocation to the sector, right from the preindependence
to the present moment, reveals fluctuating and
low allocation. This trend even fell short of the
recommendation of the United Nations Educational Scientific
and Cultural Organization (UNESCO) that the developing
countries should allocate at least the 26 percent of their total
annual budgets to the education sector. Aside this, issues such
as political interference in the allocation to education;
allocation in preference for higher education; poor
accountability of funds allocated to education; as well as
delay in the release of funds allocated to education, are
examined in this paper. To achieve improved and adequate
funding and move education forward in Nigeria from its
present state, encouragement of participation of NGOs and
private sector in education financing, mobilization of external
sources through appropriate bilateral agreements, and
effective monitoring of funds allocated to education, among
others, are recommended.
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