FINANCING EDUCATION SECTOR IN BORNO STATE NIGERIA IN THE ERA OF INSURGENCY: IMPLICATIONS AND OPTIONS FOR NATIONAL DEVELOPMENT

Abstract

The future of any country lies in the quality of its education. Education remains the major tool for socio-economic development, individual empowerment and poverty reduction. Unfortunately, one major problem now facing education in Nigeria is the issue of underfunding. We have, in the last decades, witnessed a gradual degradation in infrastructure, in manpower development and access to qualitative education. Precisely, the federal and state governments’ spending on education is below 10 percent of their overall budget. This is largely due to the fluctuations in the oil market, and the need to reduce the huge and rising service obligations. This paper   examined the financing of higher education in Borno State, the implications of inadequate funding and possible strategies of funding education. Thus, it was suggested among others that all stakeholders, parents and guardians, the society in general, the private sector and non-governmental agencies must become involved in the financing of education in Nigeria.

Keywords: Financing, education, budget, national development