The federal government has put N65 billion on the negotiation table before the striking Academic Staff Union of Universities (ASUU), to persuade the striking lecturers to return to work.
The minister of labour and employment, Chris Ngige, made the offer to the union while meeting with its representatives in Abuja on Friday.
The sum is intended to meet the demands of the union which are earned academic allowances and revitalisation of universities.
Ngige stated that out of the N65 billion being offered, N15 billion would be earmarked for the revitalization of universities.
Both parties will reconvene next Friday to reach a resolution.
ASUU had embarked on an indefinite strike in March over non-implementation of agreements and resolutions the federal government reached with the union in 2009.
It had also opposed the adoption of the Integrated Payroll and Personnel Information System (IPPIS) while presenting its University Transparency and Accountability Solution (UTAS) as an alternative.
The union has had several meetings with the federal government since the strike commenced but no agreement has been reached.
TheCable had earlier examined how the incessant industrial actions embarked upon by the union since 1999 have forced students out of school for over four years.