There are 100 Public Secondary schools in Kwara State out of which 100 were randomly selected. The secondary Education Cost and Internal Efficiency Checklist was used to collect data. Five research questions and hypotheses each were raised and analyzed using percentage and Parson Product Moment Correlation coefficient 0.05 alpha level. It was found that budgetary allocations were the main source of funds for secondary schools. There is an annual fall from 29.2% of the total cost in 2005 to 7. in 2009. The study also revealed a significant relationship between public cost and internal efficiency in schools. It was recommended that government should mobilize special funds to expand and renovate the available school facilities