Influence of Economic Recession on the Management of Funds in Public Secondary Schools in Abia State

Abstract

All organizations whether formal or informal need financial resources to be able to facilitate the achievement of set goals. In effect, the school system must be provided with funds for it to achieve the objectives of teaching and learning. However, the allocation of adequate funds for the efficient management of the school system seems to be drastically inadequate. The study, therefore, sought to determine the influence of economic recession on the management of funds in public secondary schools in Abia State, Nigeria. It further identified the funding challenges and the strategies employed by principals in coping with the shortfall. A descriptive survey design was adopted. Three research questions guided the study. Two hundred and forty-four principals from all the public secondary schools in three education zones in Abia State participated in the study. The study used a 29-item researcher-made questionnaire structured on a 4-point rating scale. Mean was used to answer the research questions. The result showed that the principals are 
involved in budget proposals among others in their financial management. Also, the economic recession resulted in underfunding of school programmes which invariably affected the quality of teaching and learning. In effect, school principals in Abia State are engaged in sourcing funds through hiring out school halls among others to cope with the situation. It was recommended that 
principals should be allowed to levy students under the supervision of the Ministry of Education to avoid unnecessary extortion of the students.