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As the quality and standard of education in Nigeria continued to deteriorate, teaching personnel also continued to make an influx into the teaching profession, making the current prevailing trend towards poor standard of education in Nigeria very worrisome. Presently, Nigerian education system needs qualified number of personnel who have passion for the job and not just those who want to earn a living. This paper therefore, explores the link between economic situation and teaching job in Nigeria. The paper argued that the present economic situation determines both the quality and quantity of personnel in Nigerian teaching profession as well as the standard of Nigerian education system at all levels. In this paper, it is concluded that Nigerian economy is characterized by the worse economic situation manifesting in the form of high rate of graduate unemployment and high poverty rate and these factors now determine the quality and number of teaching personnel in Nigerian education system at all levels.