Financing Education in Nigeria: Implications and Options for National Development

Abstract

The future of any country lies in the quality of its education. Education remains the major tool for national socio-economic development, individual socio-economic empowerment and poverty reduction. Unfortunately, one of major problem now facing education in Nigeria is the issue of underfunding. We have, in the last decades, witnessed a gradual degradation in infrastructure, in manpower development and access to qualitative education. Precisely, the federal government spending on education is below 10 percent of its overall budget. This is largely due to the fall of the oil market, and the need to reduce the huge and raising debt service obligations. This study critically examined the past and present situation of financing education in Nigeria, the implications of inadequate funding and possible strategies of funding education. Thus, it was suggested among others that all stakeholders, parents and guardians, the society in general, the private sector and non-governmental agencies must become involved in the financing of education in Nigeria.