Education Finance

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1.1Background to the Study

The importance of education particularly in the 21st century to the total development of an individual is increasingly being over emphasized. This is due to the fact that an uneducated individual has little or nothing to offer the society; in terms of acquired wisdom. It is therefore not surprising that most parents are now developing keen interest about the education of their children, a situation that leads them to want to know more as well as partake in what goes on within the school system. In all countries of the world, education is recognized as the cornerstone of any structure for sustainable development of any nation. It is a fulcrum around which the quick development of economic, political, sociological and human country revolves. In Nigeria, the demand for popular education is so high because education is not only an investment in human capital, but also pre-requisite as well as correlated for economic development (Adeyemo 2000). The belief that education is an engine of growth rests on the quantity and quality of education in any country. In fact, the National Policy on Education (1981:6) states that education is the greatest investment that the nation can make for the quick development of its economic, political, sociological and human resources. It further adds that education shall continue to be highly rated in the national development plans because education is the most important instrument of change and that any fundamental change in the intellectual and social outlook of any society has to be preceded by educational revolution. Education, from the pragmatics perspective could be seen as the organization of experience into a holistic social intelligence for dealing with future experiences. The idealists see education as the cultivation of the desirable state of mind. Sociologically, it is seen as the dissemination of culture to the young generation. In other words, education is the “process by which the individual acquires the many physical and social capabilities demanded of him by the group into which he is born and within which he must function”,(Ohikhokhai, 2002 :154). A Similar definition by Fafanwa states: It is the aggregate of all the processes by which a child or adult develops the abilities, attitudes and other forms of behaviour which are of positive value to the society in which he lives, that is to say it is a process of disseminating knowledge either to ensure social control or to guarantee rational direction of the society or both. (Fafanwa, 1972: 8) There is no gainsaying the fact that Nigeria’s educational system at every level (Primary, Secondary and tertiary) has been experiencing a down turn in the last few years. One of such reasons could be attributed to the under financing of the educational sector. The success of a child in education depends largely on what the child is taught in primary school. In other words, primary school education is a foundation upon which all other levels of education are built. Many researches have revealed that good teaching particularly at the primary level, lay a solid foundation for higher studies and can make a lot of difference in pupils learning and ability to cope with other life challenges (Adepoju 2001). In order words, since the rest of the education system is built upon primary education, the primary level is the key to the success or failure of the whole system. Apart from home as the first agent of socialization, primary school is the first place that introduces formal education or literacy to the children. The National Policy on Education [2004] defines Primary Education as the “education given in institutions for children aged 6 to 11 plus” for a duration of six years. This definition is also supported by the International Standard Classification of Education (ISCED) which states that, “Primary Education (ISCED level 1) also known as...
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