Analysis of Private Cost of Education in a Selected Nigerian University
Expenditures on education in Nigeria since early 1970s have been on the increase. Allocation to education in the national budget has also increased. Nevertheless, there are strong indications that the funding of tertiary education was inadequate. This situation has been possibly attributed to various factors. The study examined the private cost of education as against the institutional cost, using the University of Benin for an in-depth study. Data on private costs were obtained with checklist from students, while the demographic and institutional data were obtained from the university records. Percentage, mean, charts and cost-analysis formula were used to analyse data. The results revealed that there was a gap between the average institutional unit cost and private cost. Furthermore, private cost varied across gender, course and level of study and place of residence. The paper recommended that all stakeholders should invest in higher education through adequate funding and prudent management strategy.
Keywords: Institutional Cost, private cost, unit cost, funding