Introduction: Funding education in Nigeria has been challenging. Government has battled synchronous funding shortfalls and has categorically declared that funding education is the responsibility of all. Hence, School leaders are faced with the complex challenges of funding options and managing meagre finances and resources.
Purpose: The objectives of the study were to find out the funding options, determine the management skills used for raising fund, ascertain the contributions of community in funding, and to determine the influence of managerial skills of principals on funding options.
Design: Research questions and one null hypothesis were answered and tested to achieve the objectives. The cross-sectional survey design was used. The sample of 111 out of a population of 411 principals was used for the study. A 20 item questionnaire tagged: Funding Options Management Questionnaire (FOMQ) was employed for data collection. The statistical techniques used for analysis are mean and standard deviation for answering research questions and t- test of independence for test of hypothesis.
Results: Findings revealed funding options to include: raising money through the Parents Teachers Association levies, user charges, school-based management charges, alumni assistance with less search for international grants. The managerial skills used to raise fund include cordial relationships, communication, planning, and coordinating. In addition, there was a significant difference between funding options and principals’ managerial skills.
Recommendations: It was recommended among others that school administrators should be creative in the funding options, search for international grants, advocate for supports, and government to re-engineer public campaign for awareness and participation of stakeholders in funding education.
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