This study examines the value attached to free education by the Nigerian government. It is obvious that no country, anywhere is self sufficient in responding adequately to the demands for increased opportunity of free education programme. The study discusses the feasibility of free education programme in the current trend of looming global economy, which is eating deeply into the revenue generation to propel the free education programme. The study also addresses some macroeconomic issues and thus, identified financial and management lapses resulting from the challenges posed by cost differentials between the private individuals and government, which also compounded the effective and efficient management of the free education programme. The study closes by recommending that budgetary allocation to free education by the three tiers of government and even the private sector should be based on transparency, accountability and scrutiny by everyone involved in the implementation of free education programme in Nigeria in this and the coming decades.