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Education Expenditure and Economic Growth in Nigeria

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Education Expenditure and Economic Growth in Nigeria
BACKGROUND TO THE STUDY Education is a process in which knowledge and social capabilities demanded, are acquired. It is to a nation, what the mind is to the body, just as a deceased mind is handicapped in the co-ordination and direction of the bodily activities setbacks in the education system would act as a hindrance to economic development. Thus, the single most significant complex of social-control tools for national development is found in the educational system; be it formal or informal. (Uwadia , 2010). It is also accepted that the development of any nation depends largely on the development of the human population in that nation which can majorly be improved through education. Smith (1937) stressed the significance of education in human capital formation. Therefore it follows that a reduction in the investment in education would affect the stock of the overall human capital base and productivity. Thus investment on education is considered to be a critical element to alleviate poverty, reduce unemployment and increase economic growth (Chukwu, 2011). It is with this knowledge that The UNESCO recommended that 26% of the annual budget be allocated to the Education sector and the agreement between the Federal Government and Staff unions on October 22, 2009 was also aimed at the improvement of the education sector. However in our study we would realize that a country like Nigeria has been operating below the percentage recommended by UNESCO as our expenditure on education usually lies around 5.3%. According to the Federal Ministry of Education (2003), the educational system in Nigeria faced ill periods between 1979-1995 due to resurgence of instability and financial inadequacies in the management, and was affected by the general economic downturn of the 1980s. In response to this, the Federal Government subsequently increased the budget allocation to


References: Adewole, F. (2008). Education cost and financing in Nigeria (2nd edition), Lagos, Nigeria: Xavier. Chukwu, U. (2011). Education investment (2nd edition). Ibadan, Nigeria: Onibonoje Federal Ministry of Education (2003). Problems of Education in Nigeria (information series No.4). Abuja, Nigeria: Babalola, J. Federal Ministry of Education (2003). Status report of Education in Nigeria (Information series No. 9). Abuja, Nigeria: Adewole, T.M. Lawal, S. (2009). Funding of Education in Nigeria (3rd edition). Onitsha, Nigeria: Onwubiko & Co. Lipsey, R. (2001). Education for development (1st edition). London, England: Cassel. Smith, J. (1937). Education in Human Capital Formation (3rd edition). Oxford, England: Claredon Uwadia, S.M. (2010). Importance of Education in Nigeria. Journal of sociology and Education in Africa, 23(19), 326-342. World Bank (2002). Public expenditure on education in Nigeria : issues, estimates and some implications (Information series No. 11). Abuja, Nigeria: Hincifle, K.
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