President Muhammadu Buhari has promised to increase the education budget in Nigeria by 50% over the next two years.
On Wednesday, Buhari and other leaders signed a letter of intent at a meeting in London, United Kingdom.
‘Heads Of State Call To Action On Education Financing Ahead Of The Global Education Summit,’ read the document.
“We promise to increasing our yearly domestic education investment by 50% over the next two years and up to 100% by 2025, above the global benchmark of 20%,” Buhari stated.
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.
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.
The United Nations Educational, Scientific and Cultural Organisation (UNESCO) recommends that 15 to 20 percent of annual budget should be allocated to education in developing countries.