President Muhammadu Buhari has put the total budget estimate for 2023 at N20.51 trillion, specifying that the sum of N470 billion has been earmarked for university revitalisation in the 2023 budget.
Out of this, the total amount of about N6 trillion is for debt servicing in 2023.
He however said that the 2023 proposals reflect the serious challenges facing the country.
Funding for the revitalisation of public universities is among the demands of the Academic Staff Union of Universities (ASUU), which has been on strike since February.
While presenting the N20.15 trillion 2023 budget estimates to the joint session of the National Assembly, on Friday, Buhari renewed his appealed to university lecturers to show a better appreciation of the country’s current economic situation and return to the classroom.
The president, however, said universities must find means of funding instead of solely relying on government budget.
However, ASUU, which is demanding N1.2 trillion, had earlier rejected a proposal of N150 billion by the federal government for the first quarter of 2023.
He said the policy of government is designed to ensure strategic thinking in government performance in 2023.
The President said the 2022 Finance bill will be submitted to the National Assembly for consideration with the budget.
He said several components of the existing law was being reworked to meet current challenges in the economy.