CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
Public funds are meant to meet those basic needs that the government owes as an obligation to its citizenry (Corbally, 1962, Osuntokun, 2003). It is the duty of the government to take care of all the public financial expenditures, in other to aid the development of the country; of which education is one of such public expenditures. Funding of the education sector, including the human resources involved are part of public finance which the government is saddled with the responsibility of ensuring its effectiveness, as it beholds on the government to ensure the proper utilization of resources allocated to the education sector (Adesua, 1981, Charles, 2002). Therefore, funding of the education sector is an important branch of Economics of Education (Akangbou, 1986, Adeyemi, 1998). The education sector in Nigeria through the budget and planning department of the country classifies education expenditure under the social and community services sector; thereby not giving much importance to the education sector (Orubu, 1989).
Education itself is a part of both an individual and country’s life that its importance cannot be over emphasized. Education helps to shape and mould both an individual and a country at large. It is very imperative to know that for other sectors of the country to function well, education is required. Of cause, it is well known that without education there will be no competent hands to control the affairs of the other sectors of the country. In summary of the preceding sentences, education improves all other sectors of the economy (Anyanwu et al., 1999). Ola (1998: 15) once said, “If the economy of a nation moves at a very slow pace, their budget on education should be checked closely”. This is why some highly developed countries allocate about 30-35% of their annual budget to education (Aboribo, 1999:61). Some developing countries have the objective of ensuring that education is made open to all, not minding some financial constraints; most especially basic education. However, it is glaring how the education sector of Nigeria is mishandled by the government, making it a shadow of it old self; with poor or very unstable remuneration for teachers coupled with dilapidated structures and infrastructure for teaching (FRN, 2000: 52). Nigeria education system is decorated with dilapidated structures, too many students occupying a classroom, the environment is unkempt and the teachers do not attend to their duties as and when due.