Govt increases SUBEB matching grants to N3.5b 

Federal Government has approved an upward review of the statutory allocation of Universal Basic Education matching grants accessible by state governments for infrastructural projects to N3,554,642,584.46.
  
The adjustment followed the passage of the 2024 Appropriation Bill and the assent to the bill into law. The Executive Secretary, Universal Basic Education Commission (UBEC), Dr Hamid Bobboyi, stated this, yesterday, during a five-day financial training for SUBEB chairmen and board secretaries in Ibadan.
  
In his remarks, Bobboyi said the increased matching grants to states came from two per cent of the consolidated revenue fund allocated to support basic education in Nigeria.
  
The grant complies with Section 11 (2) of the UBE Act, 2004, while state governments are expected to provide an equivalent amount of N3,554,642,584.46 as counterpart funds to execute the first to fourth quarters, 2024 UBE intervention projects.
  
He said that previously, the yearly matching grants amounted to approximately N1.3 billion per state, explaining that with the new allocation, each state would receive N3.3 billion, doubling the previous amount and that states were now required to provide an equivalent counterpart fund to access these grants for the 2024 intervention projects.