It has been observed that in both developing nations
constitute one of the largest industries and the greatest consumer of public
revenue (Alu et la 2001).
Education
utilizes large amounts of a country’s available resources and how it does this
affects the well being of the population (O’ Donoglue, 1971:8) Based on this
facts about education finance, it can no longer be regarded as an overstatement
to say that ‘the financing of
education has been an intractable problem for
government in most developing countries because of the uncontrolled increase in
school age population” (Peretomede 1995:93). This had ensured perpetual
expansion of education, which in turn aids the advancement in the cost of
education.
According to Peretomede (1995) there are other factors
which contributed to the problem of financing education in Nigeria which
include;
i.
The widening
perception of education as the key to upward economic and special mobility.
ii.
The wide spread
adoption of public policies aimed at democratizing educational opportunities
(UBE) and Free Education at all levels, the policy of some state government.
iii.
The rapid
expansion, upgrading and diversification of man power requirements due to
technological advances in the economy and new emphasis on economic development.
So, the review of the related literature is based on the following:
(i)
Brief history of
education finance in Nigeria.
(ii)
Traditional
sources of school for education.
(iii)
Alternative
sources of revenue for education
(iv)
Education tax
fund ()ETF).
Summary