CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
An inquiry to the fiscal operations and developments in Nigeria revealed that federal government expenditure on education is categorized under social and community services sectors. The implication of this according to Orubu, (1989) is that education is an important good. Education plays a vital role in human capital formation. It raises the productivity of individuals and thus produces skilled manpower that is capable of leading the country vis – a – vis economy towards the path of sustainable economic development. (Zaman, 2008). In the Nigeria context, the role played by education in capacity building of the state cannot be over emphasized, however, as noted by the CBN, (2002), the importance of education is reminiscent in its role as a means of understanding, controlling, altering and redesigning human environment.
Education improves health, productivity and access to paid employment.(Anyanwu et el, 1997). This implies therefore that an educated population will avoid unhealthy practices and habits, which will help lead healthy lives and become more productive and finally leading to increased outputs in the economy. The assertion is largely supported by Ola, (1998; 14) who once remarked that education has a link with economic development; he puts that “if you see an economy doing well, find out what is spent on education”. Psacharopoulos (1973), Combs (1983) and Aboribo, (1999), have all revealed that increase in national income and per capita income is a function of education and that difference among various nations are better explained by differences in the endowments of human rather than physical capital. This however explains the rationale behind the allocations of between 25 – 35% of annual budgets to their education sectors by the ‘Asian Tigers’ in the past three decades (Aboribo, 1999; 61).
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