Adequacy of Budgetary Allocation to Educational Institutions in Nigeria

Oseni, M.

Abstract:

Budget speeches are normally given names to align with currents trends in the land. The national budget speech of 2013 was named Fiscal Consolidation with Inclusive Growth. For the 2013 fiscal year, an amount of N4.92 trillion was presented as a budget in which Education sector got N426.53 billion which is 8.7% of the budget against international benchmark for developing countries which is 26%. There were growths both in amount and proportion- N400.15 billion representing 8.43% in 2012 to N426.53 billion which is 8.7% in 2013. The main issue of concern that forms the focus of this paper is the question: were these amounts budgeted for education enough? Data used are Federal Government Recurrent Expenditure from 2000 to 2011 sourced from Central Bank of Nigeria CBN Statistical Bulletin (2000 - 2011). Simple descriptive statistics was used and it was found out that though there were increases but they fall short of the international benchmarks. The paper recommends that internally generated revenues (IGR) should be increased from 10 % to 15% to have access to additional funds and education should not be left in the hands of bureaucrats or politicians who are not aware of the implications for the quality of life of the coming generations.