SCHOOL FINANCE MANAGEMENT FOR BETTER LEARNING ACHIEVEMENT

SCHOOL FINANCE MANAGEMENT FOR BETTER LEARNING ACHIEVEMENT

CHAPTER ONE

INTRODUCTION

1.1      BACKGROUND OF THE STUDY

Effective financial management can lead to an organization’s growth and development. Finance is the lifeblood of any organization. When money is handled responsibly, it leads to success; however, when it is abused, the opposite occurs. The achievement of an organization’s goals and objectives is its top priority, which is why businesses must use all of their people, material, and financial resources to accomplish these goals (Heuneman, 1983). School finance management is the process of determining how to obtain, increase, invest, and account for funds used to support a school’s programs and initiatives. Finance management’s primary goal in an organization is to generate funds and ensure that they are used efficiently and effectively. This is critical because of the scarcity of resources and the need to maximize those resources (Ogbonnaya, 2000). According to a Ugandan study, only a small portion of the funds allocated to the education sector were properly utilized; in fact, only about 13% of the funds allotted to the education sector were properly utilized (Hallak and Poisson, 2001). Mismanagement of funds raises the cost of some school fees; efficiency is not achieved, and there are disagreements in decision-making. These are the affected secondary schools in Lagos State. Mismanagement of education funding has an impact on the quality and accessibility of education (Poisson, 2001). The plundering of a school’s funds, on the other hand, leaves the school with an unequipped library. Science lab, deteriorating infrastructure, and underpaid instructors leave students with nothing but poor academic performance now and in the future. According to a UNESCO study, there is a strong correlation between the quality of education and the proper use of funds and a student’s performance (UNESCO, 2005). Management of funding in Lagos state secondary schools would aid in the provision of amenities that would improve teaching and learning in schools, thereby improving students’ academic achievement (Aghenta, 1999). This is because, with learning facilities on the ground, students’ talents and scientific concepts will be identified and developed in order to achieve success. Students will be able to observe and practice when these facilities are available. what the teacher taught them in class (theory) (Akinwumiju, 1990). The price of acquiring teaching/learning materials influences their quality and availability. Several academics have discovered that school finance management has a significant impact on educational quality. According to the resources, good resource management leads to the proper harnessing of physical, material, and human resources required to produce great education (Adeogun ,2001). Delays in the release of funds, unequal distribution of limited resources, poor orientation of school administrators on fund management, unjustified appointment of school administrators by politicians, a poor record of funds by the school bursary department, and non-payment of teachers’ salaries are all potential causes of fund mismanagement. School finance is concerned with the day-to-day operations of the school. As a result, it is critical for school heads to plan out the school’s budget early enough to know how much money is left in the school treasury and how much money is required to carry out the school’s programs and initiatives. As a result, certain head teachers or principals in Lagos state secondary schools have been discovered to mismanage cash through theft rather than poor planning and budgeting. This issue has gone unnoticed by Lagos state’s relevant regulatory organizations, and it is affecting the state’s educational advancement ( Oni, 1995). All levels of education in Nigeria aim to prepare Nigerian youths to contribute meaningfully to the country’s growth and to prepare them for higher education.

(FRN, 2004). The truth is that money is still required to achieve these objectives. As a result, it is clear that students’ outcomes in Lagos state secondary schools are quite discouraging as a result of poor financial management; thus, this study is being conducted to support proper financial management for better learning outcomes in Lagos state secondary schools.

1.2 THE PROBLEM’S STATEMENT

Mismanagement of cash has long been a threat to several institutions in Nigeria, including the educational system (Sodimu, 1998). Most secondary schools in Lagos state have a learning environment that screams financial mismanagement. With no one to cut them, no drainage, and a filthy and inefficient waste system, grass has grown to be as tall as trees.

disposal system. A low teacher salary is also consistent with this. Teachers have been observed carrying out their duties with levity at secondary schools in Lagos state as a result of poor financial management. The majority of them arrive late to school, others skip classes, and some have turned the classroom into a fun fair arena where they chat, gossip, and even conduct private business, negatively impacting the academic performance of Lagos state secondary school students. Furthermore, due to financial mismanagement, educational learning and teaching facilities are not provided to improve instruction (Akinwumiju, 1990). Infrastructure such as appropriate classrooms, desks/chairs, computers, well-equipped libraries, and well-equipped laboratories are in poor condition, affecting students’ performance in internal and external examinations.

1.3 THE STUDY’S OBJECTIVES

The primary goal of

This funding will be used to investigate how to better manage school finances in Lagos state secondary schools in order to improve learning outcomes. Other specific objectives include:

i. Researching the link between school finance management and learning outcomes.

ii. Examine the fiscal management of Lagos state secondary schools.

iii. To determine the most effective methods for managing school finances in secondary schools in Lagos state.

iv. Investigate alternative revenue sources for secondary schools in Lagos State other than the government.

1.4 QUESTIONS FOR RESEARCH

i. What is the connection between school finance management and learning outcomes?

ii. How are Lagos State Secondary Schools’ finances managed?

iii. What are the most effective methods for managing secondary school finances in Lagos?

schools?

iv. Apart from the government, what other sources of revenue do secondary schools in Lagos State have?

1.5 THE STUDY’S IMPORTANCE

The purpose of this finance is to inform, educate, and enlighten the general public, school administrators, and government officials about how to manage school finances for better learning outcomes. Its goal is to raise awareness among school administrators about the importance of allocating secondary school funds wisely in order to ensure the educational sector’s efficacy and efficiency. It is intended to remind the government that in order to prevent corruption in the education sector, every dollar spent on education should be tracked by school administrators. This study will be extremely beneficial to other researchers interested in learning more about

schools?

iv. Apart from the government, what other sources of revenue do secondary schools in Lagos State have?

1.5 THE STUDY’S IMPORTANCE

The purpose of this finance is to inform, educate, and enlighten the general public, school administrators, and government officials about how to manage school finances for better learning outcomes. Its goal is to raise awareness among school administrators about the importance of allocating secondary school funds wisely in order to ensure the educational sector’s efficacy and efficiency. It is intended to remind the government that in order to prevent corruption in the education sector, every dollar spent on education should be tracked by school administrators. This study will be extremely beneficial to other researchers interested in learning more about

Non-researchers may also use it to supplement their own work on this topic. This study contributes to the body of knowledge and could serve as a model for future research.

1.6 OBJECTIVES OF THE STUDY

This study focuses on school finance for improved learning outcomes in Lagos state secondary schools.

1.7 STUDY LIMITATIONS

i. Financial constraints- A lack of funds makes it difficult for the researcher to locate important materials, literature, or information, as well as to collect data (internet, questionnaire and interview).

ii. Time constraint- The researcher will be working on this topic in addition to other academic responsibilities. As a result, the time spent researching will be reduced.

1.8 TERMS AND CONDITIONS

MANAGEMENT: Having executive authority or control; being cost-effective.

SCHOOL FINANCE: This is money provided by the government or raised by parents and teachers to fund the operation of a school.

LEARNING OUTCOMES: These are statements that indicate significant and important learning that students have completed and can be displayed at the end of a course or program. In other words, learning outcomes define what a learner will know and be able to do at the end of a course or program.