According to Alu et al (2001) and Peretomede (1995)
the following serves as the major or traditional sources of schools finance in
Nigeria.
(a) Budgetary allocations: All tiers of Government makes
budgetary allocation to education every year, so, this allocation constitute a
major sources of school finance in Nigeria.
Alu et al (2001) observed that
“The government imposes from theses citizens. The
revenue realized from these taxes are shared out to various sectors of the
economy including the educational
sector”
All public
educational institutions at all levels are financial this ways:
(b) School Fee:
Tuition fees are paid in some state at the primary. Secondary and tertiary
institution. Other fees such as for lodging and feeding are also paid in some
schools.
These
represent considerable private contribution to educational finance in the
country, Nigeria. Although the federal government has abolished the payment of
tuition fees in the public primary schools through out the nations, under the
Universal Basic Education (UBE) programme.
(c) Parents –
Teachers Association Levies: Schools collect approved fund or levies from
members of the PTA, and such levies constitute to a longer extent, part of
school finance in Nigeria.
According
to Bray (1986)
“When a school wants a particular item, such as library
or a laboratory, it can approach the parent teacher Association.”
The proves
the effectiveness of the PTA in the school finance.
(d) Endowments and Donations: Schools from time to time launch endowment funds and
public-spirited individuals or philanthropists donate willingly either in cash
or in kind for the upkeep of the schools.
(e) Education Rate:
Alu et al (2001) observed that in some states in Nigeria, education rates are
paid by the citizens. And this aids the state in question in financing its educational
sector.