UNGA 81: Nigeria, Italy rally support for $5bn global education financing

Nigeria and Italy have joined forces to mobilise $5 billion in global financing for education as part of efforts to expand access and improve learning outcomes in developing countries.

The initiative was unveiled on Wednesday at the “A New Era for Education Financing” high-level event held on the sidelines of the 81st United Nations General Assembly in New York.

Vice-President Kashim Shettima, who represented President Bola Tinubu at the event, said education was an investment in Nigeria’s economic future, productivity and national prosperity.

Shettima said the Federal Government had increased funding for education since Tinubu assumed office in 2023 while pursuing reforms to strengthen basic education financing, foundational learning and access to tertiary and technical education.

“For Nigeria, education is not an expenditure at the margins of our development agenda. It is an investment in our economic future, national productivity, and the prosperity and stability of our people,” he said.

He said the Nigerian Education Loan Fund was being used to widen access to higher education while strengthening the connection between education, skills, employment and enterprise.

According to him, Tinubu had also directed that liquid funds recovered by the Economic and Financial Crimes Commission, once legally cleared and free from litigation, be channelled to NELFUND.

He added that the Federal Executive Council had approved consideration of unclaimed dividends and dormant funds for the same purpose, subject to relevant legal requirements.