AN ANALYSIS OF EDUCATION FINANCING IN NIGERIA FROM PRE INDEPENDENT PERIOD TO POST INDEPENDENT PERIOD
Abstract
Education is one of the most essential tools for socio economic development in any nation, but has not developed to the extent of achieving this objective in Nigeria, due to funding pattern. This study probed into the financing system of education in Nigeria from colonial era to the post independent period. It was discovered that the missionaries were the first set of people to finance education in Nigeria, when they established schools which helped them to propagate their religion. Government after some years assisted in the funding and took over later especially after independence in 1960. Since then till date, percentage of the annual budgets that go to education have been fluctuating between 7 to 12 percent, which is far below the UNESCO recommended 26 percent of the annual budget to education in the developing countries. This implies that education is being poorly funded in Nigeria. The causes of this poor funding was discussed and recommendations on ways to improve on the finding of education in Nigeria were made.
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