THE IMPACT OF GOVERNMENT EDUCATIONAL EXPENDITURE ON THE ECONOMIC GROWTH OF NIGERIA (1990-2017)
Figures and Abstract
Despite significant investments over the years to boost the educational level of the labor population and increase productivity, Nigeria’s actual output is dropping and the country’s economic growth is slowing. As a means of attaining the desired socioeconomic change in Nigeria, the article examines the influence of education expenditure on economic growth The research is based on a series of time series data that spans from 1981 to 2012.
The relationship between GDP and recurring education expenditure was examined using the Johansen’s co-integration analysis and ordinary least squares (OLS) econometric approaches.
There is a correlation between education spending and economic growth in the short term, but not in the long term, according to the findings of this study Research found that ‘labor market distortions, redundancy, industrial conflict and job discontinuities as well as leakages in the Nigerian society like.
brain drain’ are to blame for this puzzle. The findings of this study demonstrate that the educational industry hasn’t been as productive as previously thought. The low quality of graduates, the rise in cultism in schools, and the high dropout rates are all proof of this.
In addition, the study recommends that the education system be improved through better governance, accountability, and openness. Policies should be devised by decision-makers to keep the plight of educational capital in other nations under control, preserve, and defend their development.
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THE IMPACT OF GOVERNMENT EDUCATIONAL EXPENDITURE ON ECONOMIC GROWTH OF NIGERIA (1990-2017)
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