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This paper examined education expenditure trend, higher education student enrolment and linkage with unemployment and economic growth in Nigeria. Data for the study came from several issues of Central Bank of Nigeria annual reports and statement of account, Federal Ministry of Education and National University Commission (N.U.C). The results show that Government funding is unstable and unpredictable, capital and recurrent funding since 1970 are only a very small fraction of the nation’s budget, total enrolment contrasts sharply with level of employment because government could not limit enrolment to a level which fund made available could adequately cater for and the proportion of GDP that goes to education is still low