The Federal Government has revealed it provided N470 billion Special Fund in the 2023 budget for university revitalisation and upward adjustment of lecturers’ salaries.
The Minister of Finance, Zainab Ahmed announced this on Wednesday during a press briefing in Abuja.
Ahmed disclosed that N470bn was provided in the allocation to education for upward adjustment of salaries for university lecturers and revitalization of universities.
According to the minister, the sum of N300bn is for university revitalisation and N170bn for upward adjustments of the university lecturers’ salaries.
Ahmed noted 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.
She added that revenue generation has been a major challenge to national development in the country.
The minister while speaking on the allocations for critical sectors said the sum of 2.05 trillion Naira is allocated to education and 1.58 trillion Naira to health.
She 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.
Recall that the Academic Staff Union of Universities (ASUU) recently suspended its eight-month strike over the upward review of lecturers’ welfare, amongst others.