Policies, Budget, and Project Management - A Viable Tool for setting Nigeria on the path of Growth and Development

Abstract

The paper examined the Federal Government budgetary spending on the education sector and the Medium Term Expenditure Framework (MTEF) adopted by the government as a fiscal strategy to funding key sectors of the economy. A normality test was carried out to test for the appropriateness of multiple regression analysis used. Data of budgetary allocation from 1999 – 2019 to the education sector and GDP growth rate were used for analysis. Two separate regression analysis was carried out in order to test for the effect of MTEF budgeting strategy on the GDP growth in the economy. The study revealed weak correlation between the GDP growth rate in the country and the contribution of the education sector to GDP growth while a non-statistically significant relationship was established between the GDP growth and the budgetary spending in the education sector. The study recommended among others the need to incorporate project management tools in budget planning in other to improve on productivity in the education sector.