PROBLEMS AND ISSUES OF FINANCING PUBLIC EDUCATION IN NIGERIA

In this paper, the writer has examined the problems and issues of financing public education in Nigeria. A review of the history of Nigerian education dates back to 1942, which started with the introduction of Western Education by the Christian Missionaries, was discussed. It was revealed that government funding is the primary source of funds for every level of education in Nigeria. This is not sustainable strategy from long term development of education given the high demand for public funds from other social sectors. The financing of education as an aspect of public finance embraces all aspects of funding of education including the sources of funding and how the money budgeted for education is spent especially for the purchase of goods and the services of men and materials. Finance was revealed as the issue of management of money, especially public money. Education finance is therefore the process by which tax revenues and other resources are drawn from the establishment and operation of educational institutions as well as the process by which these resources are allocated to institutions in different geographical areas The study has shown the total revenue accruing to the Federal Government and the amount of money allocated to the education at various periods indicating deficits in the funding of the system. The problem of education finance was attributed to inaccurate data, political instability, corruption, diversion of funds meant for education and sole dependent on oil sector. Some strategies as alternatives were subjected as way forward which revenue Supplementation Strategy, central funds, private investment in education, commercial and industrial organizations, grants, loans, foreign aids, school fees, alumni funds, endowments and funds from investment or education establishment. It was suggested that other sources of financing education in Nigeria should include raising bank loans for capital development, introduction of property tax, donations from endowment, donations from parents/teachers associations, education tax, development levy, taxes from lotteries to finance education and donations from alumni associations. Since more and more sectors of the economy continually keep demanding for more and more of the scarce resources from the government, there is need to explore other viable alternative sources of funding in order to rely lesser on the funding from the government.