The Nigerian federal government’s 2023 budget allocates N470 billion to a Special Fund for an increase in pay for lecturers and for the rejuvenation of universities.
Minister of Finance and National Planning Zainab Ahmed made this declaration during a briefing on Wednesday in Abuja.
She said that funding for enhancing university instructors’ compensation and revitalizing colleges and universities was expressly designated in the education budget.
Universities would be revitalized with N300 billion, while academics’ salaries will be increased by N170 billion. Mrs Ahmed claims that the draft 2023 budget was developed in light of international problems including the COVID-19 epidemic and the Russia-Ukraine war. She said that the nation’s growth has been significantly hampered by the production of revenue.
She stated that 1.58 trillion naira is allotted for health, and 2.05 trillion naira is dedicated to education, two essential areas. She noted that infrastructure received 998.9 billion naira, social development and poverty reduction received 756 billion naira, and 2.74 trillion naira was given for military and security.
The Academic Staff Union of Universities (ASUU) has called off their eight-month strike against the country’s upward evaluation of the welfare of academics, among other issues.
