INNOVATIVE STRATEGIES FOR FINANCIAL MANAGEMENT IN PUBLIC SECONDARY SCHOOL IN NIGERIA

Abstract

Despite the existence of various innovative education financing options and the feasibility of their 
application in Nigeria, their awareness and exploration has been very limited in the country, education 
is the cornerstone of a nation’s culture and an absolute necessity for economic prosperity and 
development. There is hardly any household in this country that is not concerned about the state of 
our education system particularly the secondary system. This paper title on an Rethinking Strategies 
for financial management in public secondary school in Nigeria. After the introduction, 
conceptualization of financial management were discussed and strategic ways for financial 
management were discussed such strategies like Alternative models, Secondary School management 
board, management control, strategic-planning, NGOs and community participation, money market, 
and capital market due process mechanism, adoption of modern management techniques among 
others are the innovative strategies that a school manger will use in managing financial resources in 
the schools. This paper also was able to identified some constraints financial management, such as 
inadequate allocations of fund none involvement of subordinate budget making, unstable cost of 
materials, corruption, and quark school administrators, also the paper make some suggestion, such as 
Government should provide adequate funding, Zero tolerance to corruption, accurate data bank, 
appointment of competent school administrators among other