FG allocates N470bn for varsity revitalisation, lectures salary increase

The Federal Government has allocated N470 billion for university revitaliastion and salary increase for lecturers in the 2023 budget.

Minister of Finance, Zainab Ahmed, disclosed this at a press conference in Abuja on Wednesday.

She said the sum of N300 billion was for university revitalization, and N170 billion for the lecturers’ salary increase.

Members of the Academic Staff Union of Universities (ASUU) recently suspended their eight-month strike over agitation for upward review of lecturers’ salary, mode of payment and improved infrastructure in universities.

According to the minister, 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.

She also spoke on allocations for critical sectors, saying the sum of N2.05 trillion was allocated to education and N1.58 trillion for health.

She added that N2.74 trillion went to defence and security; infrastructure got N998.9 billion while social development and poverty reduction has N756 billion.