The Federal Government has allocated N470 billion in the 2023 budget for university revitaliastion 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 N170 billion is for salary increases for university lecturers.
According to her, the draft 2023 budget has been prepared on the background of international challenges such as the Russia-Ukraine war and COVID-19 pandemic, adding that revenue generation has been a major challenge to national development in the country.
On the allocations for critical sectors, she said the sum of 2.05 trillion naira is allocated to education and 1.58 trillion naira for health.
She added that 2.74 trillion naira is allocated to defense and security, infrastructure got 998.9 billion naira while social development and poverty reduction has 756 billion naira.
Members of the Academic Staff Union of Universities (ASUU) recently suspended their eight-month strike over the upward review of lecturers’ welfare, amongst others.