CHAPTER ONE
INTRODUCTION
1.1 Background of the Study
This research work titled income and expenditure pattern among the student of institute of management and technology Enugu, will slightly take our minds back to the parameter and yardstick for proper and genuine development of s nation especially Nigeria to be preside.
Luca Dacioli in his treatise says that “frequent accounting makes for a lasting friendship”. This goes a long to explaining how the student of IMT are being funded and how they go about expending the money they have to their basic scholastic necessities.
The periodical institutional mechanism for developing human skills and knowledge at the highest level is the polytechnic system. It follows therefore that any governmental effort for economic development should be duty bound, to give priority to polytechnic educational system.
In Nigeria, educational has been highly emphasized by both state and federal government. The existence of 11 (eleven) federal and 21 (twenty one) state polytechnic as at early 90’s is a dear manifestation of this emphasis on high level manpower, among other factors, has given rise it the increase demand for polytechnic education. This increased demand reached climax with the setting up of the joint Admission and matrictuculation Board (JAMB) for polytechnics. This works towards the goal of increased students intakes. This developmental idea being rested on human resources instead of capital material resources is qualified by HARRISON (1973,P.3) who said “human beings are agents who accumulate capital, exploit natural resources, build social, economic and political organization and carry forward National development.
Although, the federal government through their various laudable establishments like (JAMB POLY) etc. anticipation the expansion of polytechnic but it is unfortunate that there is no communicate increase in the sum of money allocated. For example, reveals the undergraduates bursary. Such plan years too a stipend amount of N12m is allocated to polytechnics unless there is a change recently because of the democratic anticipated platform.
Down to the state level as well, the state provides equal benefit for each palm year, without considering the increase in total enrolment each year. Despite the dependence of a greater number of students on the bursary awards for their schooling. The state government knowing this full well most of them have stopped giving this bursary awards while the remaining others out down the amount being given to their students.
A proper investigation into students financing has classified students into two broad groups.
1. Private students who are self-financed
2. Student under scholarship
3. Private students, fall under the category of those who are not enjoying any from of scholarship award. They cater for their financial obligations in the institution through the followings
a. Sponsorship by parents or guardians.
b. Self-sponsorship from personal saving.
Particularly in the case of students who have worked for some year before gaining admission and those presently working and engaging in distant education, part-time studies and the like.
c. Sponsorship by local community and finally.
d. Borrowing from distant relatives, friends and well-wishers on various items ranging from leashing of land, through, other acceptable securities pending the repayment of the loan after completion of studies. To an understanding that they should train the children of their parent sponsors after graduation.
Having itemized the sources of private students financing, it is necessary to know their spending behavior bearing in mind that the money is coughed out from their sponsors hard earned meager income. Most often, the students under this category run into acute shortage part of the money is utilized for feeding and accommodation and little or nothing is left over buying of handouts and text books and other personal needs.
Attempts were made by the federal government previously to alleviate the suffering of private of self-financed students. The first of its kind was 1963, when the federal government established the federal scholarship advisory board.