IIARD International Institute of Academic Research and Development

INTERNATIONAL JOURNAL OF ECONOMICS AND FINANCIAL MANAGEMENT (IJEFM )

E-ISSN 2545-5966
P-ISSN 2695-1932
VOL. 3 NO. 3 2018

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Impact of Education Spending on Poverty Reduction in a Democratic Dispensation in Nigeria

Edeh, Chukwudi Emmanuel, Obi, Amara AND Obi, Cyril Ogugua

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Abstract

This paper investigates the impact of education spending on poverty eradication in Nigeria using time series data for the period of 1999 - 2017. In other to achieve the objectives of the study, Private Consumption per capita, a proxy measure for poverty, is specified as a function of capital stock (GFCF), primary school enrollment (PSE) and expenditure in education (EDX). The method of ordinary least square regression analysis was used to analyze the time series data. Finding reveals that education expenditure in does not impact poverty reduction over the period under study. The efforts of current political dispensation to wipe out poverty are not yielding the desired fruit. More should be done to increase education allocation in Nigeria’s yearly budget to about 25% in the next ten years. In addition, human capital development is not yielding to poverty reduction in Nigeria. Healthcare and Vocational training should be encouraged by increased funding and monitoring to improve the quality of human resources

poverty reduction, education expenditure

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