AMERICAN JOURNAL OF SOCIAL AND MANAGEMENT SCIENCES Financing of education in Nigeria: An analytical review

ABSTRACT In this article, the writer has examined the financing of education in Nigeria. A review of the finances on education since the advent of formal education in the country was made. The sources of financing of education in developed and developing countries were highlighted while the Nigerian external debt stock and the level of debt servicing were given. 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 findings indicated that the funding of education has not been up to 17% in any given year despite the UNESCO minimum standard of 26% of national budget. The writer therefore made suggestions on how to effectively fund education in the country and recommended other sources of funding education for future development