Buhari promises 50% rise in education budget despite 5.5% allocation in 2021

user_icon Buhari promises 50% rise in education budget despite 5.5% allocation in 2021 Posted by: NOTICE.COM.NG Staff
calendar-icon Buhari promises 50% rise in education budget despite 5.5% allocation in 2021 Posted on: 2021-07-29 06:13:37
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President Muhammadu Buhari has pledged to increase the budget for Nigeria’s education sector by 50 percent over the next two years.

Buhari and other leaders signed a form of commitment on Wednesday at the meeting in London, United Kingdom.

The document was titled ‘Heads Of State Call To Action On Education Financing Ahead Of The Global Education Summit’.

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"We commit to progressively increase our annual domestic education expenditure by 50% over the next two years and up to 100% by 2025 beyond the 20% global benchmark”, Buhari said.

The ongoing event is being co-hosted by British Prime Minister Boris Johnson and Kenya President Uhuru Kenyatta.

It remains to be seen how the President, who last December signed the lowest allocation to education in 10 years, will fulfill his pledge.

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For 2021, about 5.5 percent – N742.5billion – went to the sector out of the National Assembly approved N13.588trillion budget.

Just over N615billion will go into recurrent expenditure. Personnel costs will gulp N579.7billion; N35.4billion for overhead costs. The sum of N127.3billion is for capital expenditure.

The Federal Ministry of Education got N65.3billion; the Universal Basic Education (UBEC), covering primary and secondary schools, received N77.6billion.

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