This paper x-rayed the policy framework of education budget, the potencies of education in fostering social and economic stability and the situation analysis of education sector impairment in Nigeria. The potencies of education budget in fostering functional education for national development in Nigeria were highlighted. Situation analyses of the education sector impairments in Nigeria were reviewed. Issues hampering developments in the education sector in Nigeria were raised. Based on the issues and problems analyzed, recommendations were proffered and conclusions drawn.
Education is the acquisition of knowledge, skills, values, attitudes through teaching, learning, experience, training, observing, reading, travelling etc which help the individual develop as a useful and acceptable member of the community (Ezugwu, 2010). The guiding principle of education in Nigeria is the equipping of every citizen with such knowledge, skills, attitudes and values as will enable him derive maximum benefits from his membership of society; live a fulfilling life and contribute towards the development and welfare of the community (FRN, 2004).
Little wonder Nigeria has adopted education as an instrument par excellence for effecting national development. The attainment of excellence makes the pursuit of high quality education imperative. Quality education means how excellently the education is meeting the needs of the age and how relevant it is in terms of functionality, fitness and appropriateness to the needs of the society concerned (Obilor, 2012). Functionality in education will ensure that the recipients are equipped with the potentials and capabilities for self-reliance and economic security. The recipients will explore school-industry linkages or school-world of works relationships by transferring the skills acquired from school to industry. According to Fanfuwa (2013), education is central to the development of the economy. It makes provisions for the availability of manpower to all the sectors. The flourishing extent of every sector is dependent on the capacity of the human resource provisions by the education sector. It is such that when the available manpower is lacking in quality and quantity, the education sector is not geared to maximize its productive capacity. This could be the reason for the snail-pace development of Nigeria nation. Education is our passport to the future, for tomorrow belongs to the people who prepare for it today (Fanfuwa, 2013). Education in Nigeria has suffered serious set back as a result of neglect from those in authorities (Ibara, 2011). Government has not given due attention to the importance education deserves in terms of having the capacity or elixir to lift any nation from poverty and backwardness (underdeveloped status to a developed status). Corroborating this view, Odiaka (2013) opines that science education is the bedrock of technological breakthrough. Technological advancement is a must for any nation to rise above poverty and backwardness. Technologically advanced countries of the world attained their status through consistent upward review of their education budget.
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