IMPACTS OF OIL PRICE AND REVENUE ON EDUCATIONAL EXPENDITURE IN NIGERIA.
Abstract
Abstract
The study examined the impacts of oil price and revenue on educational expenditure in Nigeria. The study employed annual time series from 1980 to 2024. The study made use of secondary time series data which were obtained from Central Bank of Nigeria statistical bulletin, WDI, etc. The data was analyzed using descriptive statistics, unit root test, long-run relationship, Johansen cointegration test, ARDL Bond test, serial correlation, heteroskedasticity test and Auto Regression Distributive Lags (ARDL)estimate via E-view 9. The findings of the study shows that oil price, oil rent (oil revenue) and exchange rate has a positive relationship with educational expenditure in Nigeria, while inflation rate has a negative impact on educational expenditure in Nigeria. The study recommended that In view of the findings, the study recommend that government should save more when oil price rises above its benchmark so as to help in funding education and other sectors in Nigeria.It was also recommended that government (through the monetary authority) devises the means to check the excessive increase in inflation.
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