The Government's Aim and Expenditure on Educational Development: A Pari Pasu Panacea for True Economic Development
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This study systematically examined the impact of government education expenditure on economic growth in Nigeria from 1980 to 2015 using econometrics methods of ordinary least squares (OLS) and Co-integration as well as inferential analysis such as unit root test; Co-integration, etc. to analyse the data. The unit root test results reveal that the variables were stationary at their first differences using Augmented Dickey-Fuller unit root test. The co- integration test reveals that there is a Long-run relationship between the variables. The result of the Ordinary Least Squares shows that the overall model is satisfactory given the coefficient of determination of 79 percent and F- statistic of 39.25094. The result also reveals that government capital expenditure on education, government recurrent expenditure on education and tertiary school enrolment has a significant relationship with economic growth in Nigeria, thereby fulfilling the aim and purpose of public spending. Based on these findings, the study concludes that Nigeria's policy for economic growth and development has actually focused more on the educational sector. The government should endeavour to achieve a high-quality education along with the ultimate purpose of enhancing education for all as the panacea for true development.
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