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CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
Growth and development of any organization can be achieved through the proper management of its finances. Finance is the life-blood of any institution. When finance is accountably used, success is achieved but when it is misappropriated, the reverse becomes the case. The top priority of an organization is the actualization of its goals and objectives and that is why it is pertinent for organizations to harness their human, material and financial resources to achieve these set goals (Heuneman 1983).
Management of school finance involves how to source for fund, increase the fund, invest it and account for the fund used in fixing up programmes and projects of a school. The main purpose of finance management in an organization is sourcing for fund and ensuring that the sourced fund is put into efficient and effective use. This is quite important due to the availability of scarce resources in other for optimal usage of those resources (Ogbonnaya, 2000). A study that was carried out in Uganda showed that just a small percentage of the fund allocated to the education sector was properly utilized, in fact, it was about 13% that was allocated to the education sector (Hallak and Poisson, 2001). The implication of mismanagement of fund is that it will increase the cost of some fees in the school; efficiency will not be achieved coupled with conflicts in decision making. Of which secondary schools in Lagos state suffer from these. Mismanagement of education funds affects the quality and availability of education (Poisson, 2001).
However, a school’s finance that has been misappropriated leaves the school with an unequipped library, science lab, dilapidated structures, and poorly remunerated teachers; which adversely leaves the students with nothing but a poor performance in their academics now and after. A research carried out by UNESCO proves that there is a very strong relationship between the quality of education and the proper utilization of the funds on the performance of a student (UNESCO, 2005).
Managing of funds in Lagos state secondary schools will help provide facilities that will aid teaching and learning in schools, consequently the academic performance of students. This is because with learning facilities on ground the skills of the students will be discovered and polished to achieve success and even scientific ideas. When these facilities are provided, it will be beyond what the teacher said in class (theory) to what they can see and practice with (Ajayi and Akinwumiju, 1990). The quality and availability of teaching/learning materials depend on the amount of money spent on acquiring them. It has been discovered from different authors that the quality of education largely depends on the management of school finance. The added that the proper management of these resources lead to proper harnessing of physical, material and human resources required to achieve quality education (Adeogun ,2001; Oni,1995; Aghenta, 1999; Sodimu,1998).
The possible factors that could lead to the mismanagement of funds are delay in the release of funds, uneven distribution of limited resources, poor orientation of the school administrators on the management of funds, unmerited appointment of school administrators by politicians, poor record of funds by the school bursary department and non-payment of teachers’ salaries. school finance is meant for the day to day running of the school, therefore, it is pertinent for the school heads to map out the budget of the school early enough in order to know the amount left in the school treasury and how much is needed to carry out programmes/projects of the school.
Consequently, it has been observed that some head teachers or principals in Lagos state secondary schools mismanage funds not because of poor planning and budgeting, but through embezzlement. The necessary supervisory bodies in Lagos state have not paid attention to this problem and it is affecting the growth of education in the state.
All the different stages of education in Nigeria has its objectives it is meant to achieve, like the secondary schools objectives are to equip Nigerian youths to contribute meaningfully to the development of the country and preparedness for higher education (FRN, 2004). The truth still remains that funds are needed to actualize these objectives.
It is therefore clear that the outcomes from students in Lagos state secondary schools is quite discouraging due to mismanagement of school finance; and that is why this study is conducted to support the proper managing of school finance for better learning outcomes in Lagos state secondary schools.
1.2 STATEMENT OF THE PROBLEM
Mismanagement of funds has always been a threat to different organizations in Nigeria, including the educational system.
The learning environment of most secondary schools in Lagos state is an obvious proof of mismanagement of funds. Grasses grown too tall as trees with no one to trim them, no drainages, dirty and wrong method of refuse disposal.
Still in line with this is poor remuneration of teachers. Due to poor managing of funds in secondary schools in Lagos state, teachers are seen discharging their duties with levity. Most of them come late to school, some do not go for their classes, and some have turned the learning ground to a fun fair arena where they chat, gossip and even do their private businesses; thus, affecting the academic performance of the students of Lagos state secondary schools.
In addition, due to mismanagement of funds, educational learning and teaching facilities are not provided to aid teaching. Infrastructure like conducive classroom, desks/chairs, computers, equipped libraries, equipped laboratories are in demeaning states; which affects the performance of students in internal and external examinations.  
1.3 OBJECTIVES OF THE STUDY
The major objective of this study is to investigate managing school finance for better learning outcomes in Lagos state secondary schools.
Other specific objectives include:
a) To examine the correlation between managing school finance and learning outcomes.
b) To investigate the extent of Lagos state secondary schools’ finance management.
c) To identify proper ways of managing school finance in Lagos state secondary schools.
d) To examine other means secondary schools in Lagos state can generate revenue aside from the government.
1.4 RESEARCH QUESTIONS
The following research questions are generated to guide this study:
a) Is there a correlation between managing school finance and learning outcomes?
b) What is the extent of Lagos state secondary schools’ finance management?
c) What are the proper ways of managing school finance in Lagos state secondary schools?
d) What are the other means secondary schools in Lagos state can generate revenue aside from the government?
1.5 RESEARCH HYPOTHESIS
H0 : There is no correlation between managing school finance and learning outcomes.
H1 : There is a correlation between managing school finance and learning outcomes. 
1.6 SIGNIFICANCE OF THE STUDY
This study is meant to inform, educate, and enlighten general public, school management and the government on managing school finance for better learning outcomes.
It is meant to inform school administrators that it is very pertinent to properly utilize finance allocated to secondary schools to ensure effectiveness and efficiency in the education sector.
To the government it is meant to remind them that they should request for an account on how every spent on education is utilized by school administrators, in other not to give room for corruption in the education sector.
This study will be of immense benefit to other researchers who intend to know more on this topic and can also be used by non-researchers to build more on their work. This study contributes to knowledge and could serve as a guide for other work or study. 
1.7 SCOPE OF THE STUDY 
This study is restricted to managing school finance for better learning outcomes, a case study of Lagos state secondary schools.
1.8 LIMITATIONS OF THE STUDY
1. Financial constraint- Insufficient fund tends to impede the efficiency of the researcher in sourcing for the relevant materials, literature or information and in the process of data collection (internet, questionnaire and interview).
2. Time constraint- The researcher will simultaneously engage in this study with other academic work. This consequently will cut down on the time devoted for the research work.
1.9 DEFINITION OF TERMS
MANAGING: This refers to having executive control or authority; being economical.
SCHOOL FINANCE: This is the money provided by a government or raised by parents and teachers to finance the running of a school.
LEARNING OUTCOMES: Are statements that describe significant and essential learning that learners have achieved, and can reliably demonstrate at the end of a course or program. In other words, learning outcomes identify what the learner will know and be able to do by the end of a course or program.
REFERENCES
Ogbonnaya, N. I. (2000). Foundation of education finance. Onitsha: CAP Publishers.
Hueneman, R. (1983) A longitudinal study of gross body composition and body conformation and their association with food and activity in a teenage population. American Journal of Clinical Nutrition, 18, 325.
Hallak, J. & Poisson, M. (2002). Ethics and Corruption in Education: Results from the experts workshop held at IIEP:paris 28th-29th November 2001.
UNESCO, (2005). How many children in Africa search secondary education. Paris: UNESCO.
Ajayi, A.O &Akinwumiju, J.A (Eds) (1990): Personnel Performance and Capacity Building. Ibadan, Nigeria.
Adeogun, A.A. (2001). The principal and the financial management of public secondary schools in Osun State. Journal of Educational systems and development.5(1,),.1-10.
Aghenta, J. A. (1999). Principles and practice of educational planning: Focus on the Developing Countries. Benin City: NSCP.
Oni, J. (1995). Educational resources: An introduction. Abeokuta: Gbemi Sodipo Press Limited.
Sodimu, G.O. (1998). “Resource availability, utilization and productivity in public and private secondary schools in Lagos State”. Unpublished PH.D Thesis, University of Lagos.
Federal Government of Nigeria 2004. National Policy on Education. Lagos: Government Press. 

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