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yusuf sulaimon
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Abstract
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This study emphasizes the critical role of education investment in fostering economic growth in Nigeria, highlighting historical context and challenges faced in the sector. It examines how under-investment in education constrains human capital development, negatively impacting productivity and economic advancement. The research calls for significant policy recommendations aimed at boosting educational funding to meet UNDP standards, ultimately to enhance Nigeria's socio-economic landscape.
Related papers
The Analysis of Impact of Investment in Education on Economic Growth in Nigeria: Veracity of Association of Staff Union of University of Nigeria’s Agitation
This study explored empirically the Impact of Investment in Education on Economic Growth in Nigeria between 1975 and 2012. The study is borne out of the curiosity to determine as claimed by the UNDP and other multilateral institutions the prominent roles play by the education in the growth and development of a developing nation like Nigeria. More so, the agitation of Association of Staff Union of Nigeria University of Nigeria (ASUU) that the federal government should invest more to develop infrastructures in our University. The research took the form of analytical/quantitative dimension; the quantitative technique is used in analysing data collected. Restricted Error Correction model is used with the aid of Econometrics View Package (E- view). In the study, Real Gross Domestic Product (RGDP) is used as proxy for economic growth, Government Capital Expenditure on Education (GKEE), Government Recurrent Expenditure on Education (GREE) are proxy to investment in human capital, Gross Capital Formation (GCF) as proxy for Capital and Post Primary School enrolment as a proxy for labour. The empirical analysis revealed that investment in human capital, in form of education and capacities building through training have positive impacts on economic growth in Nigeria. It is therefore, recommended that for effective and speedy economic growth and development in Nigeria, the government, should shoulder the major responsibility of financing primary, secondary and tertiary education, as these provide solid foundation for human capital formation which no country can do anything meaningful without. The other stakeholders like beneficiaries (students/parents), employer of labour, non-governmental organisation, community-based organisation should also collaborate with government to provide sufficient finance for the development of this sector as we all know that the sector has its product as merit-goods. The ASUU agitation and educational financing policy prescription on funding of the educational system most especially University (Agent of Change) should be jealously observed and implemented.
Investment in University Education in Nigeria: Obstacles and Possible Solutions
Central Asian Journal of Innovations on Tourism Management and Finance, 2023
This paper examined obstacles to investment in public university education in Nigeria. The paper employed content analysis to select the literature used in the paper. Secondary data were used in the paper. The secondary data were collected from print and online publications. The paper identified; poor internally generated revenue of the universities, corruption, national debt servicing, insecurity problems, subsidized payments, revenue leakages, lack of implementation of funding policy and fall in national revenue as the obstacles to investment in Nigerian universities. To address these problems, the paper recommended that the federal government should block all revenue leakages in the country to enable the country to generate maximum revenue. The federal, state and local government should have the political will to implement the national policy on funding education in Nigeria. The government should strengthen the anti-corruption agencies to fight corruption in all public institutions, especially the universities. Universities administrator should increase their internally generated revenue by exploring other viable revenue generation areas; like venturing into transportation businesses within the community, they can set up a bakery to produce bread, direct investment in economic and business ventures; large-scale agricultural production and animal husbandry as well as income earned from banks through the placement of surplus funds on fixed deposits, manufacturing of table water, establishing primary and secondary schools and run consultancy services as an arm of their investment company.
Investment in Education for The Nigerian Economic Development
The Journal of Internet Banking and Commerce, 2017
This study examines investment in education for economic development of Nigeria. Education has been recognized globally as a veritable and strategic venture pivotal to economic transformation of any nation. The study made use of secondary data sourced from Ministry of Education, National Universities Commission (NUC) and Tertiary Education Trust Fund (TETFUND) and an Ordinary Least Square (OLS) regression method was used to analyze the data obtained to show the relationship between enrolments and funding. The result shows that the education sector contribute significantly to economic development as measured by the Gross Domestic Product although the sector is still underfunded most especially the basic and senior secondary levels in view of geometric increase in yearly enrollments and poor infrastructural facilities. The study recommends that the government at all levels should invest more in education and also collaborate with private sector through Private Public Partnership (PPP)...
Financing Tertiary Education in Nigeria: Strategic Tool for National Development
World Journal of Educational Research
Tertiary education is a major instrument for promoting the socio-economic, political and culture development of any nation. This is so, because a nation’s growth and development are determined by its human resources. Tertiary education provides the much-needed manpower to accelerate the growth and development of the economy. In view of the foregoing, this study examined financing tertiary education in Nigeria: a strategic tool for national development. To achieve this the paper presents a holistic trend of budgetary activities in Nigeria with a particular focus in the allocation to the education sector using times series approach from 2009-2018 and 2019-2023 as well as a comparative analysis on funding of education between Nigeria and the other African countries were examined. The challenges of funding, possible options of financing and implications of financing tertiary institutions were also examined. The study recommends that amongst others that higher institutions funding in Nig...
ACCELERATING ECONOMIC GROWTH THROUGH ADEQUATE FUNDING OF EDUCATION IN NIGERIA
International Journal of Information, Business and Managemen, 2019
This study examines the relationship between government spending on education and economic growth in Nigeria over the period of 1981 to 2016 using ordinary least square regression with heteroscedasticity consistent standard error. The Durbin Watson statistics indicate no problem of serial correlation. Separate regressions were performed for the aggregate and disaggregated expenditure to avoid the problem of multicollinearity. The results showed that education funding by the Nigeria government has a positive and significant impact on economic growth in Nigeria, and capital expenditure on education has a greater impact. The study recommended that the Nigeria government should ensure that it allocates a significant proportion of its budget to education, and while the United Nations sets the yardstick at 26% of the government budget for effective funding of education, a higher proportion of the Nigeria government budget is recommended to boost the effectiveness of the Nigeria economy through improved education.
Benefits of Funding Tertiary Education in Nigeria
2023
This paper discussed the benefits of funding tertiary education adequately in Nigeria. Secondary data collected from print and online publications were used for the paper. The paper concluded that adequate funding of tertiary institutions in Nigeria will lead to sufficient funds in the various higher institutions, development of infrastructural facilities, employment of adequate staff, increment in salaries and welfares packages of staffs, reduction in brain-drain problems, prevention of strike actions in the institutions, attraction of international lecturers, research development, improvement in international ranking and attainment of an effective staff training programme. The paper suggested increasing investment in tertiary education. Tertiary institutions should be allowed to charge tuition fees within the parameters set by the government, but the Education Bank needs to be established to offer federal government-backed loans to students who may require them. Federal, state and institutional scholarship awards to help indigent students to pay tuition. Government institutionalized endowment funds for universities to expand their pool of funds. Tertiary institution should use their alumni to generate more revenue and give them incentives to contribute to their university endowment programmes. The government should institutionalize a new model of funding for tertiary education that needs to be developed in a way that will set objective parameters for the allocation of funds from the tertiary education trust fund (TETFUND) based on verified outputs in teaching, research and community service,
An Empirical Analysis of Investment and the Determinant of Unit Cost in Nigerian Higher Education System
Higher education in Nigeria is critically constrained with financing resulting in low quality. The key research issue of the present study is to examine financing of higher education in Nigeria paying particular attention to access, quality of graduate output, and internal and external efficiency of the system. The main objective of the paper is to critically examine the adequacy and sources of funding of higher education in Nigeria based on a standard criteria as well as comparing the unit cost of graduate production across the higher education institutions. The study is based on secondary data. A cross sectional sample survey representing 76 faculties selected through a stratified sampling method to represent the three institutional structures of the higher education system in Nigeria was used. In addition to descriptive statistics used a simple linear regression analysis was also implore. The results indicates a low investment to education, also there exist a funding gap in the system. Even for the same type of institution unit cost vary enormously between HEIs. In general the unit cost of higher education in Nigeria is low in comparison to other African countries. In the light of the above findings Nigeria authority require critical revisiting of the current policy of financing higher education
EDUCATIONAL BUDGET ALLOCATION AND ECONOMIC GROWTH IN NIGERIA
Fuoye-JMIE, 2022
The study examines educational budget allocation and economic growth in Nigeria. Causalcomparative type of quantitative research design was used with the annual budget of education in Nigeria. The data were sourced through the secondary sources of data between the period 2011 to 2022 annual budget from the budget office online publication. The method of data analysis used was descriptive and regression statistics to measure the inference of the independent variables on economic growth. The unit root stationarity test and the Augmented Dickey-Fuller (ADF) statistics were adopted to measure the normality of the data. The findings revealed that the government capital expenditure with the coefficient and probability value of (r = 0.019; p = 0.440 > 0.05) has optimistic weight on economic growth in Nigeria; the government recurrent expenditure with the coefficient and probability value of (r = 2.860; p = 0.033 < 0.05) have low significant association with economic growth in Nigeria. It also revealed that human capital development with the coefficient and probability value of (r = 0.253; p = 0.025 < 0.05) has a weak significant correlation with the growth of the economy in Nigeria. The study, therefore, recommends that education finance stakeholders should encourage massive training and development through the public-private partnership (PPP) in the human capital sector of the national economy-education and increase the funding of capital projects. Recurrent expenditure on administration cannot be avoided by the government. However, all leakages arising from such expenditure should be plugged to boost growth in the economy.
ENHANCING FUNDING IN UNIVERSITIES IN NIGERIA
ABSTRACT Higher education particularly university education in Nigeria plays a crucial role in the supply of highly skilled manpower to manned different sectors of the nation’s economy. The gross under-funding of the education sector in the country has been rendering the university system incapacitated. This paper examined issues such as, description of the Nigerian higher education system, financing higher education in Nigeria, problems of funding and utilization in Tertiary institutions in Nigeria, and finally Tertiary Education Trust Fund (TETFund). This paper concluded that management of higher education in general and university in particular has been bedeviled by inadequate funding. The Paper recommend that universities should be adequately funded and finally good management and accountability in the universities should be ensured.
POOR FINANCING OF PUBLIC HIGHER EDUCATION IN NIGERIA Comparative Education (in view
This paper focuses on one of the most prominent problems facing education in Nigeria -poor financing -with a view to proffering some possible solution. Education is the bedrock of every nation and if Nigeria would achieve its goals as a nation as well as favourably compete with other nations of the world, the education system needs to be adequately funded and very well managed. With concentration of public higher education in Nigeria, this paper examines the need to go beyond making Nigerians literate and numerically sound but to make them future-ready and globally competitive through quality higher education which can only be achieved through proper funding from government and support from the other educational stakeholder from within and outside the country. For meaningful development to take place in the educational sector, generally, the government needs to address the issue of funding for higher institutions so that educational resources can be adequately available and for quality higher education to be made affordable for all citizens. Individual philanthropists and corporate organizations must also play their parts in supporting higher education funding in the country. Government and the organized private sector must as well fund research programmes, inventions and mass production of invented products for both national development and global relevance.
Related papers
PUBLIC AND PRIVATE HIGHER EDUCATION FINANCING IN NIGERIA
In Nigeria, the demand for higher education is so high because education has been considered as not only an investment in human capital, but also a pre-requisite for economic development. The major source of fund to universities in Nigeria is the government proving about 90% of the total expenditure. Universities in Nigeria require a significant amount of funds to achieve their goals and objective, however, funds allocated to university education in Nigeria continue to be inadequate with the attendant effects of negative influences on the university system. The objective of the paper is to examine the present financial status of the universities to establish whether there is adequacy or inadequacy of funds to universities in Nigerian. The analysis is based on a secondary data and covers 2010-2011academic session and both descriptive and inferential statistic was used. The result reveals that university education is still not adequately funded to meet up with the international benchmark and best practice. The paper concludes that both private and public universities should intensify effort in revenue generation and also they should efficiently utilize the little resources available to them.
Funding University Education in Nigeria: The Challenges and Way Forward
Bulgarian Journal of Science and Education Policy, 2019
Most of the challenges facing Nigerian universities are traceable to inadequate funding. The sector often blames the government for inadequate funding of public universities while the government complains of scarce resources. The incessant closure of universities as a result of unresolved issues between labour/student unions and management, as well as the government is usually as a result of funding such as unpaid outstanding allowances and dilapidated facilities among others. This paper explored other alternatives to funding university education in Nigeria as the beneficiaries of university education were identified because every rational individual will contribute to a project because of the benefit they will get from it. The paper recommended that all beneficiaries of university education should be informed through approprite medium to contribute their quotas to the funding process. Managements of universities are also challenged to judiciously use available resources.
Cost and Alternative Sources of Financing University Education in Nigeria
University education is a capital intensive project requiring investments of at least 15 percent of the GDP or 40 percent of the total education budget (World Bank 2010). Therefore funds allocated to university education is said to be a long term investment of immense benefit to the individual beneficiary and the society as a whole (Bassey & Akinyemi 2012). The university education financing in Nigeria shows a lack of commitment on the part of the government impacting upon the provision of a qualitative education to its citizenry. This has been evidenced in the last 10 years where the total number of students enrolment tripled while public resources allocated to the education sector from the GDP continued to decline from 11.5 percent in 2002 to 8.7 percent in 2013. Moreover, at present more than 90 percent of funding of university education in Nigeria is received from government sources which are grossly inadequate to deliver these services (Akinyemi 2013; Olayiwola 2012; Aina 2002). This study is anchored on human capital theory which advocate for private support from parent/students and other stakeholders in university financing. (Atuahene 2008).
FUNDING OF UNIVERSITY EDUCATION IN NIGERIA: CHALLENGES AND PROSPECTS
Higher education is the instrument par excellence for development and there is the ultimate need to make it relevant and responsive to the needs of the society. A reliable and sufficient funding platform is a necessity for achieving access to and excellence in university education in Africa. Sources and systems of funding for Nigerian Universities have proven inadequate and innovative or alternative funding mechanisms have become very important more than ever before. This paper examines the funding debacle in Public and Private Universities in Nigeria. It presents the case study of Nigeria Higher Education Foundation (NHEF). Using the secondary data research methodology, it finds that private higher education is the fastest growing segment of higher education worldwide and African universities can as well be more active in getting funds from local institutions and global philanthropic support sources. It recommends, amongst others, the putting in place of a National University educational budget reform which gives unflinching priority to allocation of more funds and that actualizing the realization of suggested intensified creative financing strategies should be the responsibility of all major stakeholders of University education in Nigeria.
Impact of Education Sector Financing on the Welfare of Nigerians
The funding of education sector in both developed and developing economies across the globe is to ensure the welfare of citizens. In most developed countries, the education sector feeds the industries with trained personnel while the goods and services produced by the industries lead to the growth and development of their economies, consequently improving the welfare of their citizens. The objective of this study is to investigate empirically whether the funding of the Nigerian education sector over the years has any significant impact on the welfare of Nigerians. The study adopted the Ordinary Least Square technique using data obtained from World Bank and Central Bank of Nigeria Statistical Bulletin of relevant years covering a period of 36 years (1977 - 2012) and using appropriate explanatory and criterion variables as proxies. Major findings include: strong positive correlation between expenditure on education sector and welfare of Nigerians which is not significantly affected by inflation rate; unidirectional granger causality running from recurrent expenditure to GDP per capita; significant impact of expenditure on education sector on welfare of Nigerians with recurrent expenditure having the significant impact, not capital expenditure; amongst others. Policy implications include: the need for government policies towards: increasing expenditure in the education sector (especially capital expenditure); monitoring and supervision of expenditure to ensure higher levels of accountability and high quality service delivery; periodic review and update of accounting and finance procedure, records and reporting in this sector in conformity with IPSAS standards with the view to enhancing the welfare of Nigerians.
Government Expenditure: A Major Determinant Tools on the Management of Tertiary Education in Nigeria
This paper examines. It looked at the concept of education and education system, concept and overview of tertiary institution. It also highlighted financing higher education and government expenditure in education budgetary allocation to education sector (2010-2017). It gave an insight on the effect of inadequate budgetary allocation to universities, cost control and management of funding allocation in Nigerian universities, way forward suggested as recommendation. It however concluded that government should improve on adequate funding, upward review of pay package of workers, and grant full autonomy to tertiary institution for the management in Nigeria.
WHY NIGERIAN GOVERNMENT MAY NOT FUND UNIVERSITY EDUCATION
ARTICLE INFO ABSTRACT University in Nigeria are growing rapidly in terms of creating access for the citizen which is a greater achievement in the world. These universities have complained of underfunding over the last 2 decades, governmenthave made several measures to allow private investors to participate in the business of providing knowledge. An approach with which have resulted in the introduction of university deregulation, privatisation and commercialisation in terms of creating more access widen the gap and increasing the need and demand for government support. Government have however made several other contributions such as introducing petroleum trust fund, yet the gaps remain unfilled as universities (both private and public) continue to cry for funding issue. This paper is design to look at the reality of why the universities existence has continue to suffer for funding problem. To achieve the aim of this paper, the research focused attention on politician who directly or indirectly the university rely on for their funding, therefore their knowledge of event needs to be ascertained. The paper adopts a standard literature review using immanent critic to identify problems and issues that might be overlooked by other methodology. The paper use qualitative approach with interview as the sole research instrument. Sampling criteria as purposive with the intend to focus on issues around funding. 5 past commissioner for education and 4 honourable were selected. The information provided by the 9 participants was rich in content and covers lot of area that are untouched by past research. The paper used a descriptive analysis to explain the finding in themes. The study reveals that politicians or political office holders who are expected to invest on university and education in general did not because university educators never give back meaningful or tangible contribution specifically for immediate development to the government.
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