The study investigated the Comparative Analysis of Budgetary Allocation to Education and Gross Domestic Product Per- Capita (GDPc) in Nigerian from 1980-2015. The objective of the study was to comparatively analyze the relative impact of federal government actual budgetary allocation to education alongside UNESCO 26% recommended budgetary allocation to education. In respect to the above, relevant theoretical and empirical literature were reviewed. The researcher formulated the relevant objective, research question and hypotheses to guide the study. In the course of the study, relevant data relating to the variables needed by the researcher were extracted from various document analys is such as Central Bank of Nigeria (CBN) Statistical Bulletin and National Bureau of Statistics (NBS) Statistical Bulletin. The Classical Linear Regression Model was employed in modelling the relationship between per-capita income and the budgetary allocation variables. The Ordinary Least Square (OLS) equation technique was used in analyzing the data. The unit root analysis revealed that all the variables were not stationary at levels. But at first difference, all the variables became stationary. The Johansen cointegration analysis revealed that the variables were cointegrated and had a valid error correction mechanism. The analysis of the Error Correction Mechanism (ECM) showed that all the models were significant and the estimates unbiased. The analysis further revealed that budgetary allocation to education in Nigeria has the correct signs and significantly impacted on income per-capitaIt was therefore, recommended that the government at all levels should increase their budgetary allocation to education towards the UNESCO’s 26% criteria as a strategy to fast-tract national economic development in Nigeria. Also, the study further recommended that greater percentage of the budgetary allocation to education, should be spent on capital projects.
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