The adage that says "if education is expensive, try ignorance" is not a mere saying but an axiom of life. Penny wise, pound foolish. It is the wisdom drawn from this adage that has made the various governments to give priority to funding of education in Nigeria. In spite of the compendium of sums been allocated to education, the education system is bedeviled by a lot of financial inadequacies. This study assessed the Impact of Funding on Management of Secondary Schools in Nigeria. This is with the view to identifying and correcting the lapses and inadequacies in the area of funding secondary education in Nigeria. 9 research questions and 9 hypotheses were raised. Related literature was reviewed in the area of funding and management in secondary schools. The survey method was used in the study with a population of 18,238 Principals, 7,065 Ministry of Education Officials and a total of 270,650 teachers. This represent a total of 295,944 respondents. The random sampling was adopted to give every State and respondents a chance of been selected. The sample sizes comprised 65 education officials, 13,360 Principals and 910 teachers, giving a total of 1,105 sampled respondents for the study. Here 10% Krejcie and Morgans (2004) Table was used in determining the sample size of the population while 30% of the states were used as sample size as recommended by Roscoe (1969) in Aderoumu (1985). A structured questionnaire was the instrument used. Similarly, the analysis and interpretation of data led to rejection of 3 hypotheses and the acceptance and retention of 6 hypotheses, that were stated in null form, using Analysis of Variance (ANOVA) statistical test of 0.05 significant level set for the study. To ascertain the ANOVA test, the Scheffe Post-Hoc multiple comparison test was employed, which confirm the test. The findings revealed that funding of secondary schools is inadequate in all critical areas of management. Some of the recommendations include 26% budgetary allocation to education, Principals to effectively tap other sources of funding