FG Provides N470bn For Upward Adjustment Of Lecturers’ Salaries, Allocates N3.36tn For Fuel Subsidy

The Federal Government has provided N470bn Special Fund in the 2023 budget for university revitalisation and upward adjustment of lecturers’ salaries.

It also allocated N3.36tn for fuel subsidy in 2023 as Nigeria’s debt profile hits $102bn.

The Minister of Finance, Zainab Ahmed, who made this known at a briefing in Abuja on Wednesday, explained that the sum was specially provided in the allocation to education for upward adjustment of salaries for university lecturers and revitalization of universities.

The sum of N300bn is for university revitalisation and N170bn for upward adjustments of the university lecturers’ salaries.

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.

On fuel subsidy, the Federal Government says N3.36tn has been allocated for fuel subsidy in 2023 as Nigeria’s debt profile hits $102bn.

Ahmed said the 2023 budget proposal has a budget deficit of 10.78 trillion naira.

She said this will be funded through domestic and multilateral borrowings and proceeds from privatisation.

According to her, of Nigeria’s $102bn debt, 35% is foreign and 65% is domestic, adding that the current public debt is at 23% of the country’s gross domestic product.

The minister also said the 2023 budget also factored in 17.16% inflation.

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. -Channels