For university rejuvenation and teachers’ pay raises, the federal government has set up N470 billion in the budget for 2023.
At a news conference on Wednesday in Abuja, the minister of finance, Zainab Ahmed, said that the money had been set aside exclusively for education in order to raise the pay of university teachers and revitalize universities.
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.
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.