The Federal Government on Wednesday disclosed that it has provided N470 billion Special Fund in the 2023 budget for university revitalisation and upward adjustment of lecturers’ salaries.
The Minister of Finance, Zainab Ahmed disclosed this during a press briefing in Abuja.
She explained that the N470bn was provided in the allocation to education for upward adjustment of salaries for university lecturers and revitalization of universities.
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According to the minister, the sum of N300bn is for university revitalisation and N170bn for upward adjustments of the university lecturers’ salaries.
Speaking further she said that the draft 2023 budget was been prepared on the background of international challenges such as the Russia-Ukraine war and the COVID-19 pandemic.
Adding that revenue generation has been a major challenge to national development in the country.
Speaking on the allocations for critical sectors she stated that the sum of 2.05 trillion Naira was allocated to education and 1.58 trillion Naira to health.
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She also added that 2.74 trillion naira is allocated to defence and security, infrastructure got 998.9 billion Naira while social development and poverty reduction has 756 billion Naira.
Daily Report Nigeria recalls that the Academic Staff Union of Universities (ASUU) recently suspended its eight-month strike over the upward review of lecturers’ welfare, amongst others.
