This paper examines the correlation between expenditure on education and human capital development in Nigeria. The work looks at the pattern and trend of education expenditure in relation to the human capital development requirements in Nigeria. At independence, the report of the Ashby commission led to increase in admission for Nigerians in the university and since then Nigerians' urge for university education has been on the increase. It is a well known fact that investment in education and economic development are correlated. However, in Nigeria the insufficient and uncertain budgetary allocations to education have resulted in the deterioration of its human capital development (Aigbokan, et al, 2004). There is always a wide gap between the budgetary allocation to education and the actual amount released, thus making all levels of our educational sector suffer from financial crises, especially higher education. Higher education is the apex of the knowledge industry and a critical factor in manpower development, economic growth and the transformation of social and political organizations which every modernizing societies seek (Aiobenebo and Ajie, 2003). According to Cole and Agiobenebo (1986), aggregate labour productivity in Nigeria grew at the rate of 15 percent, education and other supply-side factors contributed 92.5 percent of this growth rate. Therefore, the contribution of education to economic development and society in Nigeria can not be underestimated. A vivid examination of educational sector in Nigeria shows that the shortfalls in manpower supply in some priority sectors point to the fact that education subsector has failed in its role in human capital development in the country. This study however reveals that there is no correlation between education expenditure and human capital development in Nigeria. The paper therefore recommends that there should be a proper design and planning of the educational system and its institution to serve the development needs of Nigeria. Further, that higher and fixed percentages of annual budgetary allocations should be devoted to education and that the allocations must be properly monitored so as to minimise the difference between budgetary allocations and amount actually released.
|Keywords:||Education Expenditure, Human Capital Development|
Senior Lecturer, Economics, Faculty of Social Science, Lagos State University, Ojo, Lagos, Nigeria
There are currently no reviews of this product.Write a Review