A STUDY OF SCHOOL FINANCE MANAGEMENT IN A DEPRESSED ECONOMY SOCIETY: CATALYST FOR ENHANCING THE UNIVERSAL BASIC EDUCATION CURRICULUM IMPLEMENTATION IN ILE-IFE, OSUN STATE, NIGERIA

Abstract

The study investigated the means of generating revenue and payment method in selected private schools in Ile-Ife, Osun State, Nigeria. It determined school attendance achievement and attitudes of students and examined the ease of paying School fees by Parents. These were with a few to investigating the school finance management in a depressed economic society. The study adopted descriptive survey research design. The study population comprised all private schools in Ile-Ife. The study sample consisted of 10 administrators, 50 parents, and 100 students selected using simple random sampling technique. From the four local government areas in Ile-Ife, one local government was selected using simple random sampling technique. Ten schools were then sampled from the selected local government areas using simple random sampling technique. Furthermore, one private schools' administrator (proprietor/ proprietress, or principal), five (5) parents, and ten (10) Students were selected in each school using simple random sampling technique from the selected Local Government Area. Three instruments (QSFM, PMSFPQ, and SAASA) were used to gather data for the study. The validation of instruments showed KMO values of 0.560, 0.594, and 0.601 for QSFM, PMSFPQ, and SAASA respectively. The reliability of the research instruments using Cronbach alpha coefficient revealed factors of 0.857, 0.726, and 0.844 for QSFM, PMSFPQ, and SAASA respectively. The result showed school fees, school uniform, lesson fees, food items/water and books as the means of generating revenue. Also, the school attendance achievement in terms of population ranged between 31-60 (40.0%), while in terms of workers ranged between 11-15 (10.0%). The result showed that students have negative attitudes (69.0%) toward schools' attendance. Concomitantly, instalment (gradual deposit) was the easiest way of paying school fees. The most effective way of getting school fees by parents was through salary (40.0%). The study concluded that school finance management in a depressed economy is very stressful, and the means of generating fund to run schools are too narrow and unreliable. This is because, the more parents and students are affected with the economic situation, the greater the schools will be affected. Consequently, the basic education curriculum implementation will be grossly affected. It was however recommended that Governments should see to the needs of private schools in terms of finance since private schools pay tax to the government and as well reduces the burden of the nation's education by certain percent.

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