Educating for Effective Financial Resource Management for Sustainable National Transformation

Abstract

This paper looked at educating for effective financial resource management for sustainable national transformation. The concept of education was viewed as the process which aims towards emancipation of a complete man, equipping him to be mentally, psychologically, physically, morally and socially useful to his immediate environment and the society at large. Educational resources was seen as everything that contributes to the smooth running of the academic programme and actualization of the predetermined goals of the educational system. Also, financial resources in education was seen as the monetary resource which serves as a means of acquiring all other educational resources. Moreso, financial resource management was viewed as the process of developing and implementing management decisions related to the formation, distribution and use of financial resources in order to achieve organizational objectives. Through effective financial resource management, the organization establishes its ability to measure return on resilience investments through calculating risks versus reward and by identifying cost recovery opportunities. Also, the challenges of managing financial resources for sustainable national transformation include; inadequate structured guidelines and procedures, low controlling system, lack of auditing school finance, lack of budget allocation criteria, low participation of stakeholders to increase school income, and low participation of concerned bodies or school personnel involved in the budget planning and decision making process. It was concluded that financial resource management is an indispensable function of the school administrator. It is the life-wire of the system, thus, the route to achieving quality education for sustainable national transformation. It was suggested amongst others that school administrators should be accountable and keep adequate records of school financial dealings.