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2008•Global Journal of Social SciencesOpen access

Relationship Between Education Expenditure And Economic Growth: A Multivariate Causality Evidence For Nigeria

CA Ighodaro, AA Olu

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Abstract

This paper considered the relationship between education expenditure and economic growth in Nigeria for the period 1970 – 2003 using a multivariate causality approach. Before and after 1976, there were three levels and four levels of education respectively. Furthermore, it was found that national expenditure on education has been less than the 15% recommended by UNESCO except in 1995 when the percentage of federal government expenditure on education was about 17.3%. The empirical part of the result shows that there is unidirectional relationship between education and economic growth with causality running from education expenditure to economic growth. The result therefore suggests that policy makers should boost expenditure on education as it will further improve economic growth in Nigeria Keywords: GDP, Granger Causality, Education Expenditure Global Journal of Social Sciences Vol. 7 (1) 2008: pp. 17-20

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This paper considered the relationship between education expenditure and economic growth in Nigeria for the period 1970 – 2003 using a multivariate causality approach. Before and after 1976, there were three levels and four levels of education respectively. Furthermore, it was found that national expenditure on education has been less than the 15% recommended by UNESCO except in 1995 when the percentage of federal government expenditure on education was about 17.3%. The empirical part of the result shows that there is unidirectional relationship between education and economic growth with causality running from education expenditure to economic growth. The result therefore suggests that policy makers should boost expenditure on education as it will further improve economic growth in Nigeria Keywords: GDP, Granger Causality, Education Expenditure Global Journal of Social Sciences Vol. 7 (1) 2008: pp. 17-20

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Available abstract

This paper considered the relationship between education expenditure and economic growth in Nigeria for the period 1970 – 2003 using a multivariate causality approach. Before and after 1976, there were three levels and four levels of education respectively. Furthermore, it was found that national expenditure on education has been less than the 15% recommended by UNESCO except in 1995 when the percentage of federal government expenditure on education was about 17.3%. The empirical part of the result shows that there is unidirectional relationship between education and economic growth with causality running from education expenditure to economic growth. The result therefore suggests that policy makers should boost expenditure on education as it will further improve economic growth in Nigeria Keywords: GDP, Granger Causality, Education Expenditure Global Journal of Social Sciences Vol. 7 (1) 2008: pp. 17-20

Key concepts: Causality (physics), Government expenditure, Granger causality, Economics, Multivariate statistics, Government (linguistics), Public expenditure, Demographic economics

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