INADEQUATE FUNDING IN MANAGING EDUCATION: OPPORTUNITIES, INNOVATIONS AND CHALLENGES

Abstract

This paper examined inadequate funding in education, its opportunities, innovations and challenges in Nigeria. Inadequate funding is a key issue affecting educational growth and development in Nigeria. The inability of government to step up its budgetary allocation to education to meet the UNESCO recommendation of 26% is hindering the effective management of education. From 2015 to 2025 the budgetary allocation for education decreased from 10.75% to 5.47% of the national budget leading to poor quality of education. This study therefore discussed the reasons for inadequate funding in education, the impact of inadequate funding in education. The opportunities of inadequate funding in education which include capacity building, community engagement, finance management etc. where discussed. Various innovative strategies to inadequate funding such as creation of self-sustaining revenue source, strategic management process etc., as well as the challenges faced as a result of inadequate funding were equally discussed. It was concluded that education deserve more than the current budgetary allocation to ensure sustainable growth and development. Hence, budgetary allocation for education should be raised to at least 20% of the total budget, and its proper management. Also, educational managers should consider other means of generating revenue for schools other than relying on federal allocation, as well as, set up a special and independent task force to monitor educational funding and management to ensure compliance to funding provisions.