In order for a school to effectively realise its objective, there is need to provide combination of trained and talented personnel, adequate, attractive and conducive learning environment and state-of-the-earth learning equipment in the right proportion.
To realise this, there is need to adequately support and augment the limited financial resources made available to education by the tiers of government. Article (9) of 1990 on World Declaration on Education For All by 2015 emphasised that if the basic learning needs are to be met through a much broader scope of action than in the past, it would be essential to mobilise existing and new financial, human , physical, material resources, public, private and voluntary agencies. Jaiyeoba (1999) carried out a study on the impact of National Policy on Education on secondary school administration in Oyo State. She observed that administrators should find ways of acquiring physical facilities and also
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maintain them so that teachers and students would stay in adequately furnished, well- ventilated and spacious classrooms so that they could perform to their maximum. She concluded that inadequate finance would affect the purchase of equipment necessary for instructional materials hence, the school administrators may not likely perform to their maximum.
Education has been regarded as a spender rather than a collector of fund. A great administrative efforts are needed to ensure that spending is wisely spread out toward students’ achievement of stated educational goal. There are various ways financial resources could be mobilized. These are in form of fees and taxes by parents which include tuitions, boarding fees, local government grants to schools, equipment fees, caution fees, library and laboratory fees, sales of school farm products, sale of handicraft, donations and endowments and contributions by local companies and industries.
Education is considered as investment and efforts must be made to ascertain that those managing the education enterprise especially secondary schools can reasonably ensure that educational outcomes justify that huge financial investment (Adesina, 1980).
Oguntoye and Alani (1998) asserted that fund came from home mission of the churches, donations by individuals, sales of farm products. They explained that state secondary schools were equally financed by state government with little or no assistance from the Federal government especially before the establishment of Petroleum Trust Fund. Secondary schools were supported by parents and other private contributions (PTA), old students’ association, philanthropists and other activities embarked upon by the school. In the same vein, Adesina (1985) summarised various sources of funding open to secondary education as community efforts, property tax, flat school tax, fund raising, business tax and sales tax.
Various types of loans which could be used as innovations for removing financial burden from government have been identified by Chuta (1995) which he referred to as students’ loan, loan for teachers, loans for book publishing, interest charge on educational loan, project finance, equipment and leasing. Large number of students now pay high fees for various market-driven degree programmes like banking, marketing, accounting and personnel management. However, the sudden explosion in the intake of students has had serious consequences. But universities have also contributed to the crises in a number of ways. In the first place, the universities responded to the dearth of funds by devising various ingenious means of mobilising funds. Many Universities have launched numerous mouth watering degree programmes in order to attract students who
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are charged outrageous fees. Programmes in labour and industrial relations, banking and finance, counselling, personnel, including managerial psychology, secretarial studies that are ostensibly dubbed professional courses have been launched in various universities.
Ayeni (2007) informed that Universities have devised means of collecting fees/levies from their students to serve as additional fund. He explained further that the fees charged on postgraduate students have increased astronomically while non-degree programmes have also attracted high fees. Aina (2007) recorded that the fees collected under different guises at Obafemi Awolowo University, Ife between 1990 and 1995 was N1.4 million while the University of Ibadan realised N7.86 million from 1990-1996.
The University of Lagos boasted a very buoyant revenue base, generated especially from non–degree and postgraduate programmes and other investments. In 1995/96 academic sessions University of Lagos recorded about N49.6 million, University of Ibadan and Obafemi Awolowo University introduced N8,000.00 as fees/levies for fresh students which was met with stiff opposition.
Erinosho (2009) observed in his paper on the quality of Nigeria private Universities that available reports contain suggestions on how to generate funds for university education. Perhaps, the most articulate paper on financing options is by Ukeje (2002) which outlines the following as important sources of funds for running universities: education tax fund, fees, loans to students, transfer of municipal services to government, private sector contributions, funds from alumni association and rationalisation of programmes including scholarships for brilliant and/or poor students.
Obikoya (2002) also outlined the effects of under-funding of university education. The response of the authorities of the institutions to the funding crises has been to massif university education through the introduction of wide-raging off-campus and/or extramural diploma and degree programmes.
Lawal (2007) conducted a study on Managerial Efficiency and Fund Generation Capacity as correlates of Resources Utilisation in Public Secondary Schools in Ibadan North Local Government Area of Oyo State. The researcher used chi-square to analyse and test the hypotheses. The results of the investigation showed significant relationship between managerial efficiency and resource utilisation level. It also revealed significant relationship between fund generation capacity of the principal and resource utilisation.
Murname and Levy (1996) in their study on the effect of school resources on students’
achievement and adult success in 15 schools in Texas, found that availability of extra resources does not equal greater students’ achievement. The effects of school funding on
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students’ achievement of California School Districts using regression analysis was examined by Charlene (2006). The researcher found that increase in the revenue limit actually led to slight decrease in students’ achievement as measured by academic performance indicator score. Also, increase in federal revenue is more effective in improving students’ achievement while money earmarked by the state government result in a negative effect on students’ achievement. Jefferson (2005) examined the impact of school districts revenues and expenditure on student performance. The researcher clarified that not all spending on instruction was of equal worth in promoting high students’ achievement. The researcher found that funding affects students’ achievement and sources of funding are more effective in producing desired outcomes.