The Federal Government has approved a significant increase in the Universal Basic Education (UBE) matching grants for state governments, raising the amount to N3.5 billion for infrastructural projects.
Dr. Hamid Bobboyi, Executive Secretary of the Universal Basic Education Commission (UBEC), made the announcement during a 5-day financial training for SUBEB Chairmen and Board Secretaries in Ibadan.
The increased funding, derived from the two percent allocation of the consolidated revenue fund for basic education, follows the passage of the 2024 Appropriation Bill.
The revised grant amount represents a significant increase from the previous annual grant of about N1.3 billion.
State governments are now required to provide a matching counterpart fund of N3.5 billion to access the grant for the first to fourth quarters of 2024 UBE intervention projects.
Bobboyi encouraged states that have not yet accessed the 2023 matching grant to do so, with the new matching grant bringing the total to approximately N6.6 billion.
Despite the impact of inflation, the increased funding provides a significant opportunity for states to address challenges in the basic education sector and reduce the number of out-of-school children.
Bobboyi urged state chairmen and secretaries to collaborate and address the challenges in their states, with quarterly meetings to facilitate discussions and solutions.
