This study estimates rates of returns on education from wage employment using both the basic and extended Mincerian earnings functions from the national household survey data collected in 2004/05. The results show that, on average, an additional year of schooling increases life time earnings by 10 percent. Returns from various levels of education increase as the levels of education increase from 5 percent from primary level to 65 percent from university education. It is also interesting to note that female workers tend to have higher rates of return on education than male workers, particularly at higher levels of education. The very high level of rates of return at higher levels of education suggest the need to expand higher education infrastructure while at the same time ensuring efficiency of education delivery at various levels.