In this post I am going to be giving some tips on the problems and prospects of educational financing in Nigeria, I am going to reveal to you most of the problems associated with financing the educational sector.
The educational sector in Nigeria consists of the primary, secondary and tertiary institution and there are some problems and prospects in financing the educational sector in Nigeria that we should know.
You will realize that the educational sector complains of under-funding, while government accuses the sector of not efficiently utilizing the available resources.
It’s obvious that no amount of money is too small to fund education as education is broad, it spans a wide range, that’s why it is very important.
As days passes by, people would learn. Research is expected to be made in order to discover new findings and unfortunately only a small percentage of budget is placed for the purpose of education, that’s why I am going to throw light on the problems and prospects of educational financing in Nigeria.
Read Also: History of Nigerian Educational System
Problems Of Educational Financing In Nigeria:
1. Less Is Spent On Education In Nigeria
Unlike many developed countries in the world who invest mostly in the educational sector, it is quite fortunate that Nigeria doesn’t finance the educational sector properly, if you look at what the federal government of Nigeria allocates to the educational sector, you will know that it’s not enough to even sponsor the tutors and research that is expected to be carried out.
Nigeria should invest funds that are significant to the educational sector, so as to improve facilities for teaching and learning, the funds would also improve the teaching quality, welfare and curriculum delivery.
A recent research showed that over 10 million out-of-school children are available and there is need for proper funding so as to enable these children to be educated.
The United Nations Educational, Scientific and Cultural Organisation (UNESCO) has recommended that at least 26 percent of what is allocated in a country’s budget should be injected but in a developing country like Nigeria, we should strive to inject more into the educational sector in order to achieve the maximum capacity that is required.
If little is allocated to the educational sector in Nigeria, most of the country’s challenges would not be solved.
There’s a saying that education cannot solve all of society’s problems but the truth is that without education there’s no solution that is possible.
2. Corruption In The Educational Sector Of Nigeria
When there is corruption in the educational sector, even if much has being allocated into the educational sector there would be no effect, as compared to when little is being allocated into the educational sector.
Corruption in the educational sector is one of the major problems of educational financing in Nigeria.
When there is corruption in education, it damages the whole system because it endangers a country’s social economic and political future.
Whether the corruption practiced is directly or indirectly practiced such as parents paying bribes to teachers to enable their children get good grades or teachers paying bribes to government officials in order to be in a certain position, all these still has effect in educational sector.
Corruption in the educational sector could also mean a government school requesting money from the government in order to purchase some educational materials only to receive the funds and divert it for another purpose that does not satisfy the request.
Many educational institutions in Nigeria are fond of engaging in corrupt act and it’s really eating deep in the educational sector and if it is not stopped it can destroy the entire educational system in Nigeria.
3. Less Contribution From The Private Sector
It is not only the job of the government to finance education in Nigeria, the private sector should see ways in which they could sponsor education in Nigeria.
It is noticed that most private companies spend more on things that entertain the youth and forget that if there are no people to fill in the space of the aging population in the working population, there would be setbacks.
It’s only a few private companies mostly petroleum companies that offer scholarships to a few students in Nigeria and that’s not enough.
The government cannot effectively fund federal schools, state schools, and schools in the local government, the private sector should contribute to the financing of the educational sector in Nigeria, even it means sponsoring a research, this will turn make the company have a good name in the ears of the public, due to the fact that they contributed in one way or the other in the educational sector.
4. Inadequate Funding Of Educational Facilities/Equipment:
Whether from the classroom block to the classroom board, there has to be funds in order to meet up the requirement needed.
The educational sector needs to be financed properly in order to meet up the requirement that is needed.
In the past, people would boast that education was of a better standard, due to the reason that there were quality and devoted teachers who had the facilities and there was also good teacher to students ratio with well equipped laboratories, but nowadays you will find a school with 1,000 students with only 7 class rooms.
5. Irresponsibility Among Individuals In The Educational Sector:
When individuals who are in authority in the educational sector do not do what is expected of them, it brings in problems when financing facilities and equipments in the educational sector.
Let me give an example, if 2 million naira was given to an educational director, in order to purchase equipment for a set of students, if the equipment is not purchased on time, it would affect the set of students.
Educational institution are expected to be provided with basic amenities in order to meet up the requirement, so when an amount of money is given for the funding of anything concerning education, it has to be used judiciously, so that students would get all the requirement needed.
6. Inadequate Distribution Among The Primary Secondary And Tertiary Institution
The government which is the major source of income to the educational sector claims to distribute funds among primary, secondary and tertiary educational levels in the proportion of 30 percent, 30 percent and 40 percent respectively, but there is less impact.
During the time when oil was the major source of income, little was invested in education and now Nigeria has to squeeze the little it has to invest in education.
Prospects Of Educational Financing In Nigeria:
1. Proper Funding By The Government
Since it’s just a prospect, we just hope that the federal government should be able to fund the educational sector properly.
The National Council on Education (NCE) is supposed to constitute ministers and state commissioners of education who will sit in a round table to discus and co-ordinate things that would promote educational growth and development in the country.
The financing of the educational sector in Nigeria should be a joint effort of the federal, state and local governments.
2. There Should Be Public Private Partnership (PPP)
If the government can partner with the private sector in order to make the educational sector better by financing it, it will make the educational system go well.
There are some sponsored preparatory classes that are organised in order to help students get some basic understanding of what they are to do.
That’s why many experts have suggested that the government alone cannot bear the burden of financing the educational sector as no finance is enough for education.
When government and private individuals partner with the educational sector the sector would be properly financed.
3. Private Individuals Should Contribute To Financing the Educational Sector
One way that is good in financing the educational sector in Nigeria is by well meaning Nigerians making efforts to finance it in any way they can.
A wealthy Nigerian can contribute his/her own quota, even if it means purchasing educational equipment for students.
These are some of the prospects of educational financing that we have looked at, with this guide we have being able to look at the problems and prospects of educational financing in Nigeria.Buy and Sell Bitcoin in Nigeria - Register for free on Luno
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