Nigeria pledges 50% increase in education budget in 2 years

Nigeria's President, Muhammadu Buhari, has made a bold promise to increase the country's education budget by 50 percent over the next two years. This announcement came as part of a joint commitment made by heads of state at the ongoing Global Education Summit in London, UK. The goal is to attract more funding and investments in the education sector to address the existing challenges and improve the quality of education in Nigeria. To put it into perspective, the Nigerian government revealed that they require a staggering 2.3 trillion dollars for the National Integrated Infrastructure Masterplan to bridge the country's infrastructure gap. Paul Alaje, a Senior Economist at SPM Professionals, joined CNBC Africa to provide insights into these developments. During the interview, Alaje highlighted some key issues surrounding the education sector in Nigeria. He emphasized the need for significant investment in education, pointing out that the current allocation in the 2021 budget falls short of the expected percentage for education spending. Alaje noted that while the government has earmarked 6.3 percent of the budget for the Ministry of Education, only a fraction of that amount goes towards actual infrastructure and capital expenditure, raising concerns about the quality of education in the country. Alaje discussed the importance of investing in education for sustainable development, emphasizing that human development is crucial for overall progress. He underscored the need for Nigeria to prioritize education funding to build a prosperous and knowledgeable society. While acknowledging the efforts of international partners like the British High Commission in providing financial support for education, Alaje stressed the importance of tracking the impact of such funds on reducing the number of out-of-school children in Nigeria. Transitioning to the topic of infrastructure, Alaje addressed the government's plan to secure 2.3 trillion Naira for the National Integrated Infrastructure Masterplan. He viewed this commitment as a positive step towards addressing the infrastructure challenges in Nigeria, but also hinted that the figure might be on the conservative side considering the scale of investment needed. Alaje expressed optimism about the potential for private sector involvement in infrastructure projects, highlighting the role of private investors in driving development and ensuring the success of infrastructure initiatives. In conclusion, the interview with Paul Alaje shed light on the critical need for increased investment in education and infrastructure in Nigeria. While the government's pledge to boost the education budget and secure funds for infrastructure projects is a step in the right direction, there are still significant challenges to overcome. The success of these initiatives will depend on effective implementation, transparent governance, and active participation from both the public and private sectors. Only time will tell if Nigeria can fulfill its commitments and achieve tangible improvements in its education and infrastructure sectors.