1.1 Background to the Study
The issue of school financing is related to the relative commitment of the various governments in Nigeria through colonial to post independence periods. That is various governments have come and gone with each government introducing its non educational programme without a thorough analysis of the cost of financing tertiary schools.
Although, education is the joint responsibility of individuals, local, state and federal governments, the proportion of the contribution of each agency to education remains largely unresolved. This appears to have put a disproportionate burden on the private individual. (Jhigan, 1993).
However, tertiary school education is expending rapidly in Ekiti State like any other developing states. The causes range from high birth rate to reduce infant motality rate coupled with government encouragement of educating the masses. It is the belief of development economist that for a meaningful and rapid development to take place in a state, such a state must development to take place in a state, such a state must develop its human resources by educating them. Investment in human capita has over the years been recognized to be the bedrock of increase productivity and hence enhance economic development. Perhaps, this is why nations invest in human being so that future production levels maybe increase and consequently accelerate the rate of economic growth (Adujumobi, E.O. (1970).
For an economy to grow, it must have not only sample amounts of developed human resources of the right shorts but also favourable institutionl, socail and poilitical environments to the extent that education helps to furnish these human and environmental prerequsities which it unquestinably does, it too that it can be considered as a “good investment in economic growth” (Combs and Hallak, 1972). Education can thus be seen as the kingpin of economic development.
The age structure of population as reported by UNESCO (1982) shows that between 40-45% of the population are still under 18 years of age. It is these groups of people that constitute the people that bring about an ever-increasing number of tertiary school students as well as over post tertiary institutions. This has equally increased the family education expenditure on tertiary education in Ekiti State. It is this family education expenditure that is referred to as private investment in education.
Marshall (1975) argued in support of the above that a man invest his fund in a business and other investing is an children’s education were being motivated in a similar way. This represented alternative investment active with expected future streams of return. Expenditure on education will be looked into three perspectives.
a. The social expenditure incurred by the government
b. The family expenditure incurred by the students and their parents and
c. The institutional expenditures incurred by the schools.
This study will however limit itself to the family expenditure: the cost of education refers to those expenses which can directly and conveniently identify either units of a finished product. The include all the obvious financial outlays of the students such as, school fees, books, transportation costs, pen and special uniform and other items not specified. The indirect cost on education by native are not subject to any direct money measurement e.g. the value of workers income or leisure forgone by an individual in an indirect cost of capital which should have been earned by the students, if he was undergoing the course of study.
The expenditure on education these days constitute a burden on must parent, because of the exorbitant amount of money usually paid by them on their children’s education and on tertiary school particular, some parents have more than enough children, whose sponsorship cannot be met at the same time in various tertiary schools. This of cause as been the carry over effect of previous free education at all levels implemented by the Unity Party of Nigeria (NPN) state beginning from 1979. Although the plan was 1983, the cost of education since then has led to massive voluntary schools.
Most parents will prefer that their children learn one kind of vocation or the other. They no longer see anything profitable in sending their children to tertiary schools especially as they mercly graduated without the slightest hope of security.
Most parent will rather spend their money in food and drinks which they see as another alternative of sending their children to tertiary school. However, no matter the situation, most educated parents and some illiterate parents reality believed that education can not be valueless. Believing the transition of time, one would in fact reason along with them because from observation the world itself is not static but moving or changing almost every time. Any condition that could cause the drifting of the economy away from the equilibrium position could be restoring back to the original point, thereby improving the welfare of the people.
1.2 Statement of the Research Problem
Given this background, it appear that a substantial part of the burden of tertiary education is born by the parent via there children. Between 1979 and 1983, for example education in Ekiti State was free which Ekiti State and Ondo State were together.
This of course raised enrolment in schools. The outcome of their act shows the government recurrent expenditure particularly on education rising beyond a considerable level thereby depriving the government for further development in other section such as agriculture and industry. The civilian government however gave way for the military government that eventually dropped the free education programe.
1.3 Objective of the Study
In specific term, the objective of this study is to find out the cost and benefits of family education expenditure as a correlate of academic achievement of economics students in Ikere local government area of Ekiti State. The study intends to find out the family education expenditure on tertiary education to student and examine the difference in expenditure on education in the local government.
1.4 Research Questions
Based on the above background to the study and the concern for the ever increasing family education expenditure in tertiary students, the question to which attention is directed in this study is to find the magnitude on education.
Attention will be directed to the following questions.
1. Does the family education expenditure have impact on students academic performance in College of Education, Ikere Ekiti?
2. Is there any significant difference between the course of study of students and their family education expenditure in College of Education, Ikere Ekiti?
3. Does family size cause variation in family education expenditure of students in College of Education, Ikere Ekiti?
4. Does income of parents determine the variation in family education expenditure of students in College of Education, Ikere Ekiti?
5. Does parental occupation determine the variation in family education expenditure of students in College of Education, Ikere Ekiti?
6. Is students family background responsible for variation in family education expenditure of students in College of Education, Ikere Ekiti?
1.5 Significance of the Study
The problems facing students in tertiary school in terms of high family expenditure in education, necessary calls for a study of this nature.
The study is very important: it will provide information for parents to plan for their children’s education. This can be achieved through the concentration of mind towards those children that has the ability to progress in their education.
1.6 Scope of the Study
This study is limited to College of Education, Ikere Ekiti. The study covers ten department in the school for convenience, only one of the departments were randomly selected for the study which is department of economics. The questionnaire will be administered from one student to the other in the department to ascertain family education expenditure on tertiary schools.
1.7 Definition of Terms
Analysis: is the detailed study or examination of something in order to understand more about it e.g. the result of the study
Family: a group of people that are related by blood or ties of marriage.Expenditure: is the act of spending or using money e.g. an amount of spent