Private Monetary Rates of Return to Humanities and Education Programs in Public Universities in Osun State, Nigeria
This study estimates the private cost of Humanities and Education programs in public universities in Osun state, Nigeria, as well as the private monetary returns to Humanities and Education programs in public universities in the state. It also estimates the private rates of return to Humanities and Education programmes in public universities in Osun state; with the view of providing information on the relative profitability of investments in Humanities and Education programs in public universities in Osun state. The study adopted a descriptive survey research design. The population for the study consisted of all Humanities and Education students from public universities in Osun State and all Humanities and Education graduates who are workers in Osun state establishments. The sample was made up of 600 students and 120 workers. The students were selected through simple random sampling technique from the two public universities in the state while the workers were purposively selected from Osun state establishments. These workers were graduates of Humanities and Education programs. The selected programs included Bachelor of Arts (B.A.) in English, Bachelor of Education (B.Ed.) in English, B.A. in Religious Studies, B.Ed. in Religious Studies, B.A. in Yoruba and B.Ed. in Yoruba. Two research instruments were used, namely: Private Costs of University Education Questionnaire (PCUEQ) and Age Education Earnings of Workers Questionnaire (AEEWQ). The data were analyzed using compounding and discount cash flow techniques. The results showed that the private costs of Humanities and Education programs in public universities in Osun state were N855,935.59 and N694,269.34 respectively. The private monetary returns to Humanities and Education programs in public universities in the State were N9,052,859.28 and N9,052,859.28, respectively. The private rates of return to Humanities and Education programmes in public universities in Osun state were 27.36% and 34.40% respectively. The study concluded that it was more profitable to invest in Education programs than in Humanities programs at public universities in Osun state, Nigeria.Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 332
 M. A. Olasimbo, Rate of Return to Agriculture and Teacher education in Nigerian Universities. Unpublished PhD thesis at University of Ilorin, Nigeria, 2013.
 H. A. Patrinos and G. Psacharopoulos, “Returns to education in developing countries”, in Economics of Education, 2020, pp. 53-64. Academic Press.
 J. Kim and E. Maloney, Learning Innovation and the Future of Higher Education. JHU Press, 2020.
 K. F. B. Soppe, T. Wubbels, H. J. Leplaa, I. Klugkist and L. D. N. V. Wijngaards-de Meij, “Do they match? Prospective students’ experiences with choosing university programmes”, European Journal of Higher Education, 2019, 9(4), 359-376.
 A. Adelokun, A comparative analysis of the rates of return to Engineering and Teacher Education in Nigerian Universities. Unpublished PhD thesis at University of Ilorin, Nigeria, 1997.
 D. O. Durosaro, Where the Shoe Pinches: The Cost of Education, 103rd Inaugural lecture at the University of Ilorin, Nigeria, 2012. The Library and Publication Committee.
 A. A. Adeniyi, An Insight into Management Accounting. Lagos: El-Ioda Ventures Limited, 2004.
 D. Price, G. Claxton, M. Stevenson, L. Robinson, D. Kidd, V. Hannon and M. Holt, Education forward: moving schools into the future. Crux Publishing Ltd, 2017.
 D. O. Durosaro, “Resource allocation and utilization for University Education in Nigeria: Trends and issues”, in E.O. Fagbamiye (Eds.) Education and Productivity in Nigeria, National Association for Educational Administration and Planning, 2000, pp. 51-67.
 B. D. Baker, Does money matter in education? Albert Shanker Institute, 2016.
 A. Adelokun, Y. Ajayi and D. Oni, Economics of Education (in a nutshell). Ibadan: Sceptre Prints Limited, 2010.
 J. Fadipe, “Investment in education”, Journal of Educational Studies, 1986, 4(1), 79-90.
 T. Samuel, Economic return to investment in technological education in Lagos State. Unpublished PhD Thesis at the University of Ibadan, Ibadan, 1987.
 S. Levacic, Macroeconomics. London: University of London, 1981.
 M, Nawaz, “An Insight into the Two Costing Technique: Absorption Costing and Marginal Costing”, BRAND. Broad Research in Accounting, Negotiation, and Distribution, 4(1), 48-61, 2013.
 S. P. Jain and K. L. Narang, Cost and Management Accounting. Kalyana Publishers, 2008.