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Paper Details

FINANCING EDUCATION IN A DEPRESSED ECONOMY: THE 21ST CENTURY CHALLENGES

Odufowokan B. A.

Journal Title:Journal of Research in Education and Society
Abstract


The provision of education to the Nigerian citizenry has adopted the social demand approach. This has contributed significantly to massive expansion of the system without a corresponding increase in funding. Hence, increasing budgetary allocation has always fell short of the expected turnaround revolution in education in the area of economic growth, skilled manpower needed for development and equal educational opportunity for all. This review presented as its main focus an alternative ways of financing education vis-a-vis means of funding in the 21st century. The main source of data was the secondary source. The study revealed that one of the major factors that has contributed to the problems in the education sector is the escalating cost of financing education which has placed the government in serious dilemma. Consequently, government as a matter of urgency should implement the suggested 26 percent allocation to education.

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