The 2023 budget which was approved by the Federal Government of Nigeria contains a specific fund of N470 billion for university revitalization and salary increases for lectures.
This was announced by the minister of finance, Zainab Ahmed, during a briefing on Wednesday, October 19, in Abuja.
She explained that the money was specifically allocated for the education budget for raising university lecturers’ pay and revitalizing colleges and universities.
According to the Finance Minister, N300 billion will be used to revitalize universities while N170 billion will be used to raise the pay of university lecturers.
She stated that the draft 2023 budget was created against the backdrop of global issues like the COVID-19 pandemic and the Russia-Ukraine war.
She also claims that revenue generation has been a significant obstacle to the nation’s development.
She stated that 1.58 trillion Naira is allocated for health, while 2.05 trillion Naira is dedicated to education, two essential sectors.
She noted that infrastructure received 998.9 billion Naira, social development and poverty reduction received 756 billion Naira, and 2.74 trillion Naira was allocated for defence and security.
This comes after the Academic Staff Union of Universities’ eight-month strike was suspended (ASUU).
The ASUU members went on strike in response to, among other things, the upward revision of lecturers’ welfare.
