The Federal Government (FG) has allocated ₦470 billion in the 2023 budget for university revitalization and salary increases for lecturers.
The Minister of Finance, Zainab Ahmed, stated at a press conference in Abuja on Wednesday that the sum was specifically allocated to education for salary increases for university lecturers and university revitalization.
The sum of N300 billion is for university revitalization, and ₦170 billion is for salary increases for university lecturers.
According to her, the draft 2023 budget was prepared in the context of international challenges such as the Russia-Ukraine war and the COVID-19 pandemic, and she added that revenue generation has been a major challenge to the country’s national development.
Other sectors including in 2023 budgets
In terms of critical sector allocations, she stated that 2.05 trillion naira is set aside for education and 1.58 trillion naira for health.
She also stated that 2.74 trillion naira is allocated to defense and security, 998.9 billion naira is allocated to infrastructure, and 756 billion naira is allocated to social development and poverty reduction.
BizWatch Nigeria recalls that Academic Staff Union of Universities (ASUU) members recently suspended their eight-month strike over, among other things, an upward review of lecturers’ welfare.
