The secondary level of education has been programmed to achieve the following objectives in Nigeria as stated in the National Policy on Education.
(i) Provide an increasing number of primary school pupils with the opportunity for education of a higher quality, irrespective of sex, social, religious and ethnic background;
(ii) Diversify its curriculum to cater for the differences in talent, opportunities and roles possessed by or open to students after their secondary school course;
(iii) Equip students to live effectively in our modern age of science and technology;
(iv) Develop and protect Nigerian culture, art and languages as well as the world’s cultural heritage;
(v) Raise a generation of people who can think for themselves, respect the views of others; and
(vi Inspire its students with a desire for achievement and self-improvement both at school and in later life (FRN, 2004).
Moss and Guither (2008) concluded that as the best practice due to its cost based incentive appropriateness its detailed structure. There has been clear departure from the generational funding to other methods as follows:
1. Bidding Method: The schools presents a business case for the funding based on specific criteria. The schools are funded based on the findings of the funding agency who considered the funding necessary.
2. Discretion Funding Method: The schools are funded according to the opinion and judgement exercise by funding agencies or administrator.
3. Need Based Funding Method: This is a method or an arrangement that seeks to ensure that the resources allocated to each school are derived directly from a systematic analysis of what each school needs in order to provide a specified quality of education to schools.
4. Activity Led Funding Method: This approach is based on the analysis of the actual costs of the activities required to provide and support specified educational programmes in schools.
5. Performance Funding Method: (Klein, Medrich, & Perez-Ferreiro, 2009) were of the opinion that performance funding relates financial allocation to prescribed level of achievement. It ties state funding to institutional performance thereby encouraging external accountability and instructing performance.
Okebukola (2010) suggested that performance based funding approach model could be a major allocation mechanism used by the National Universities Commission (NUC). This model ranges from a formula approach as research block funding to a construct type where satisfactory performance is made a condition of funding with suitable reward or penalties applied. School finance analysts point out that there are three commonly used criteria or objectives for informing decisions for raising and allocating school resources: adequacy, equity, and efficiency (Levin 2011; Monk 2012). Adequacy refers to the mobilization of sufficient resources to support a desired level (in terms of both quantity and quality) of educational services. Equity relates to fairness in resource mobilization and allocation so that children with similar characteristics are treated equally (horizontal equity) and that children with different needs receive different treatment (vertical equity). Efficiency in resource allocation in education refers to maximizing the performance of the education system given
resources. Thus in assessing the impacts of a school-finance system, one needs to ascertain the defining criteria and examines the extent to which the system meets such criteria. In addition to decision-making criteria, experience has also shown that transparency and accountability are two system features that could enhance the operation of the system with respect to its stated objectives.
Transparency and accountability are also vital in the process of resource allocation. Transparency refers to the nature of decision-making characterized by clearly defined objectives, explicit decision rules, and an open process. Presumably a more transparent school-finance system promotes greater trust in the operation of the system and deters abuses in the allocation of school resources. Accountability refers to the explicit specification of power and responsibility of key stakeholders and holding them to the consequences of their actions; it encourages more effective implementation of school-finance policies. Moreover, while resources for schools can be raised in a variety of ways, the major sources of funding should be based on schemes that generate stable and growing revenue for schools. In other words, schemes that generate small or highly fluctuating revenue are not desirable for supporting the major operational expenses of schools.
Administrators Roles in Resources Management
Administrator Roles in management covers such areas as the procurement of funds, their allocation, monitoring their use in the interest of accountability and producing financial reports for the relevant stakeholders. Effective financial management ensures that:
• All financial regulations and procedures are complied with,
• All financial transactions are recorded accurately,
• Adequate controls are in place to ensure that expenditures do not exceed income, and
• Only authorized expenditures are incurred.