2023 Budget: Economist Seeks Increased Educational Funding

Professor Evans Osabuohien, the Head of the Economics Department at Covenant University in Ota, Ogun, has urged the Federal Government of Nigeria to allocate more funding to the education sector in future budgets to prevent future crises. 

In an interview with the News Agency of Nigeria (NAN) on Thursday, Professor Osabuohien praised the government for increasing the percentage of the budget allocated to education in 2023 but emphasized the need for further investment in the sector. 

His comments came after the Senate passed a N20.5 trillion budget in Abuja on Wednesday.

“In terms of percentage, the budgetary allocation for education in the 2023 Budget is a little better and there has been an improvement compared to the 2022 budget but it is still relatively low,” he said.

Professor Osabuohien pointed out that President Muhammadu Buhari had proposed an increased allocation for education in the 2023 budget, but it still fell short of the recommendation made by the United Nations Educational, Scientific and Cultural Organization (UNESCO). 

The economist said the proposed allocation for education in the 2023 budget was N1.79 trillion or about 8.8% of the total budget of N20.5 trillion. 

This, according to NAN, is an improvement over the N1.18 trillion or 7.2 per cent allocated to education in the 2022 budget.

Osabuohien emphasized the need for increased funding for education in future budgets due to the prolonged crisis in the sector, including strikes by the ASUU in 2022. 

He asserted that increased allocation to education would help restore its former glory and drive infrastructure improvements at tertiary institutions.