PUBLIC EXPENDITURE ON EDUCATION AND ECONOMIC GROWTH IN NIGERIA: A NEED ASSESSMENT FROM 2001 TO 2023
Keywords:
Public Expenditure, Education, Economic Growth, Unit RootAbstract
The study investigated the public expenditure on education and economic growth in Nigeria using a time series data covering a period of 2001 – 2023. Data were sourced from the 2023 edited statistical bulletin of the Central Bank of Nigeria. The Argument Dickey Fuller (ADF) unit root test was used to test the variables. The result showed that Nigerian budgetary expenditure significantly deviates from the UNESCO 26% benchmark. The study recommended that the federal government should increase the budgetary allocation of education sub-sector to meet up with the United Nations recommended 26% benchmark for developing countries.References
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