Trend analysis of the Nigerian budgetary allocation to the education sector from 2009 – 2018 with reference to UNESCO’S 26% Benchmark

The importance of education in boosting the manpower of an economy cannot be overemphasized. This critical sector has been bastardized, relegated and put in a dust bin position through paltry figures usually allocated to it by the Federal Government of Nigeria. This paper presents a holistic trend of budgetary activities in Nigeria with a particular focus on the allocation to the Education sector using times series approach from 2009-2018. Two research questions were answered using secondary data gathered from the Central Bank of Nigeria's Statistical Bulletin, 2018. Collected data were analyzed using descriptive statistics, while the results of the analysis showed that, the total allocation to the education sector from 2009 – 2018 is N4,038,115,000,000. The results further revealed a difference of N 10,311,805,000,000 between UNESCO benchmark of 26% and the actual allocation to the education sector for the same time period. It was concluded that the total allocation made to the education sector within the time period of 2009-2018 is generally low, and below the UNESCO benchmark. Based on the findings, it was recommended amongst others that the Federal Government of Nigeria should adequately fund the educational sector by allocating at least 26% of her budget to the education sector as prescribed by UNESCO.