All over the world, education is recognized as a veritable tool for individual and national development. The realization of this, perhaps, led to the early introduction of formal education. Consequently, various sums of money are earmarked annually for the provision of educational services to the people by the government. The Federal Government’s capital and recurrent expenditure on education has being on the increase over the years. For instance, it rose from 26,721.3 million naira in 1998 to 31,563.8 million naira in 1999 and in 2005,it increased to 120,035.5 million naira.