The poor performance of the education sector in Nigeria has become very worrisome. What is the problem? Is the educational policy faulty or is it the implementation that is faulty? What are the implications for national development? These are the issues explored in this paper, based on a literature review approach. The findings blame the distortions in the educational system on the ineffective implementation engendered primarily by lack of political will, lack of continuity of programs, and corruption. The situation has hindered national development and, until urgent action is taken to review Nigeria's educational system, its national aspirations will continue to be compromised. The paper recommends the discontinuation of the National Policy on Education fashioned after the American system and the adoption of the model practiced by Asian countries such as Japan, China and India which takes the culture of the people into consideration. In addition, the provision of qualitative education should be made compulsory and entrenched into the Constitution in order to encourage result-oriented implementation. Sustained political will and eradication of corruption are necessary for effective policy implementation.