The Minister of Education, Dr Tunji Alausa, has announced that the Federal Government is planning to increase funding for the Universal Basic Education Commission from two percent of the Consolidated Revenue Fund to four percent.
He disclosed that a bill to make this change law is already before the National Assembly.
Alausa made the announcement during a meeting with private sector leaders in Ikoyi, Lagos, which was attended by the Chairman of Zenith Bank, Jim Ovia, the Chairman of Coronation Group, Aigboje Aig-Imoukhuede, the Managing Director of Sterling Bank, Abubakar Suleiman, and the Italian Ambassador to Nigeria, among others.
The minister said education remains a cornerstone of development and that strong education systems require collaboration between the ministry, private sector, and civil society, as government alone cannot bear the financial burden.
Alausa noted that over 60 million Nigerians are between the ages of four and 14, with nearly 45 million suffering from learning poverty. He added that about 15 million children are out of school, including six million girls, but that in the last year, 1.3 million have been reintegrated into school.
He stated that approximately $345 million is needed annually to reintegrate out-of-school children back into the education system.
On technical and vocational education training, Alausa said over 1.3 million applied, with 160,000 currently being trained nationwide. The government has so far paid N11 billion to trainers and over N3 billion as stipends to participants.
The minister also disclosed that the Federal Government is committing N100 billion this year to building hostels in federal higher institutions. Additionally, 6,842 workers in tertiary institutions have benefited from various loan facilities, with individuals eligible for up to N10 million.
