EDUCATION FINANCING, ECONOMIC GROWTH AND DEVELOPMENT IN NIGERIA

Abstract

The impact of education financing on economic growth and development in Nigeria was investigated in this study using data from 1980 to 2018. Specifically, the trend and relationship of education financing, economic growth and development were examined. The low and decreasing trend of education financing as a percentage of Gross Domestic Product (GDP) was observed throughout the study period. Alhough school enrolment at all levels increased steadily, school infrastructures and resources were grossly inadequate. The Auto Regressive Distributive Lag (ARDL) methods were employed as analytical tools. The results indicated a positive and significant relationship between education financing, economic growth and development in Nigeria. This notwithstanding, the country did not pay adequate attention to education as revealed by the stylized facts. To enhance greater economic advancement, the researchers recommended among others, an increase in Total Government Expenditure in Education (TGEE) to 10% of the GDP.