Abstract: The role of education in the development of a nation cannot be over-emphasised. Some of the problems impeding the development of many nations of the world include illiteracy, poverty, HIV/AIDS and low productivity. As part of measures to solve these problems, the United Nations sets Universal Primary Education by 2015 as one of its Millennium Development Goals (MDGs). In line with this global objective, the Federal Government of Nigeria launched the Universal Basic Education (UBE) programme on the 30th September 1999. A similar programme such as Universal Primary Education (UPE) launched in 1976 failed as a result of various problems such as inadequate funding, irregular payment of salaries, poor infrastructures, lack of regular supervision and inspection among others. Some of these problems, which are largely connected with finance, still remain unresolved in the implementation of UBE programme. These have serious implications for the attainment of education for all in 2015. The study examined the evolution, objectives and problems of implementation of UBE and suggested strategies for improved funding and cost effectiveness of the programme.