Full Project – SCHOOL FINANCE MANAGEMENT FOR BETTER LEARNING ACHIEVEMENT

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SCHOOL FINANCE MANAGEMENT FOR BETTER LEARNING ACHIEVEMENT

CHAPTER ONE

INTRODUCTION

1.1      BACKGROUND OF THE STUDY

The effective administration of an organization’s finances may lead to its growth and development. Any organization’s lifeblood is finance. When finance is handled responsibly, success is gained; yet, when it is misused, the opposite is true. The achievement of an organization’s goals and objectives is its top priority, which is why it is critical for businesses to use all of its people, material, and financial resources to achieve these objectives (Heuneman, 1983). School finance management is determining how to get funds, increase funds, invest funds, and account for funds used to support a school’s programs and initiatives. The primary goal of finance management in an organization is to generate funds and ensure that they are used efficiently and effectively. This is critical owing to the scarcity of resources and the need to make the best use of those resources (Ogbonnaya, 2000). According to a research conducted in Uganda, only a tiny fraction of the funds assigned to the education sector were correctly employed; in fact, only around 13% of the funds allotted to the education sector were properly utilized (Hallak and Poisson, 2001). Mismanagement of funds has the effect of raising the cost of some school fees; efficiency will not be reached, and there will be disputes in decision-making. These are the secondary schools in Lagos State that are affected. Education funding mismanagement has an impact on the quality and accessibility of education (Poisson, 2001). A school’s plundered funds, on the other hand, leave the school with an unequipped library, science lab, crumbling infrastructure, and poorly compensated instructors, leaving the students with nothing but low academic performance now and in the future. According to a study conducted by UNESCO, there is a high correlation between the quality of education and the proper use of finances on a student’s performance (UNESCO, 2005). The management of funding in Lagos state secondary schools would assist in the provision of amenities that will enhance teaching and learning in schools, hence improving pupils’ academic achievement (Aghenta, 1999). This is due to the fact that with learning facilities on the ground, students’ talents will be identified and developed in order to attain success, as well as scientific concepts. When these facilities are available, students will be able to observe and practice what the instructor has taught them in class (theory) (Akinwumiju, 1990). The cost of obtaining teaching/learning materials has an impact on their quality and availability. Various scholars have observed that school finance management has a significant impact on educational quality. The resources went on to say that good resource management leads to the correct harnessing of physical, material, and human resources needed to produce great education (Adeogun ,2001). Delay in the release of funds, uneven distribution of limited resources, poor orientation of school administrators on fund management, unjustified appointment of school administrators by politicians, poor record of funds by the school bursary department, and non-payment of teachers’ salaries are all possible factors that could lead to fund mismanagement. School finance is for the day-to-day operations of the school; thus, it is important for school heads to plan out the budget of the school 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, it has been discovered that certain head teachers or principals in Lagos state secondary schools mismanage cash through theft rather than bad planning and budgeting. This problem has gone unnoticed by the relevant regulatory organizations in Lagos state, and it is affecting the state’s educational advancement ( Oni, 1995). All levels of education in Nigeria have certain goals in mind, such as preparing Nigerian youths to contribute meaningfully to the country’s growth and preparing them for higher education (FRN, 2004). The fact is that monies are still required to achieve these goals. As a result, it is clear that the outcomes of students in Lagos state secondary schools are quite discouraging as a result of poor financial management; and as a result, this study is being conducted to support proper financial management for better learning outcomes in Lagos state secondary schools.

1.2      STATEMENT OF THE PROBLEM

In Nigeria, mismanagement of cash has long posed a danger to several institutions, including the educational system (Sodimu, 1998). Most secondary schools in Lagos state have a learning atmosphere that screams misuse of finances. Grasses have grown to be as tall as trees, with no one to cut them, no drainage, and a filthy and inefficient waste disposal system. Poor teacher salary is also in line with this. Teachers are observed conducting their tasks with lightness at secondary schools in Lagos state due to poor financial management. The majority of them arrive late to school, others skip lessons, and some have transformed the learning environment 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, educational learning and teaching facilities are not supplied to enhance instruction owing to misappropriation of finances (Akinwumiju, 1990). Infrastructure such as suitable classrooms, desks/chairs, computers, well-equipped libraries, and well-equipped laboratories is in poor condition, affecting students’ achievement in internal and external examinations.

1.3   OBJECTIVES OF THE STUDY

The main goal of this finance is to look into how to better manage school finances in Lagos state secondary schools in order to improve learning outcomes. Other particular goals include: 

i. Investigating the relationship between school finance management and learning results.

ii. To look at the financial management of Lagos state secondary schools.

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

iv. To look for other sources of revenue for secondary schools in Lagos State other than the government.  

1.4   RESEARCH QUESTIONS

i. What is  the relationship between school finance management and learning results?

ii. What is the financial management of Lagos state secondary schools?

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

iv. What are other sources of revenue for secondary schools in Lagos State other than the government? 

1.5   SIGNIFICANCE OF THE STUDY

This finance aims to inform, educate, and enlighten the general public, school administrators, and government officials about how to manage school finances for improved learning results. Its purpose is to alert school administrators to the need of appropriately allocating secondary school funds in order to ensure the educational sector’s efficacy and efficiency. It is intended to remind the government that they should require an account of how every dollar spent on education is spent by school administrators, in order to avoid allowing corruption in the education sector. This research will be extremely useful to other researchers who want to learn more about this issue, and it may also be utilized by non-researchers to expand on their own work. This research adds to the body of knowledge and might be used as a model for future research.

1.6SCOPE OF THE STUDY

This research is limited on the finance of school finances for improved learning outcomes in Lagos state secondary schools.

1.7  LIMITATIONS OF STUDY

i. Financial constraints- A lack of funds impedes the researcher’s efficiency in locating important materials, literature, or information, as well as in the data gathering procedure (internet, questionnaire and interview).

ii. Time constraint- The researcher will be working on this topic while also doing other academic activities. As a result, the amount of time spent on research will be reduced.

1.8   DEFINITION OF TERMS

MANAGING: Having executive control or power; being cost-effective.

SCHOOL FINANCE: This is the money that a government provides or that parents and teachers raise to fund the operation of a school.

LEARNING OUTCOMES: These are statements that indicate substantial and important learning that students have accomplished and can show at the end of a course or program. Learning outcomes, in other words, define what a learner will know and be able to accomplish at the end of a course or program.

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