The Federal Government has allocated N470 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 upward adjustment of salaries for university lecturers and university revitalization.
The sum of N300 billion is for university revitalization, and N170 billion is for salary increases for university instructors.
According to her, the draught 2023 budget was produced in the context of worldwide issues like as the Russia-Ukraine war and the COVID-19 epidemic, and she added that revenue creation has been a big challenge to the country’s national development.
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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 defence and security, 998.9 billion naira is committed to infrastructure, and 756 billion naira is allocated to social development and poverty reduction.
Members of the Academic Staff Union of Universities (ASUU) recently suspended their eight-month strike over the upward review of lecturers’ welfare, amongst others.
