As the academic year of universities and colleges in the country gets underway, many are wondering how much funding will be given to the Higher Education Department in the upcoming budget.
In his budget speech, Minister of Finance, Enoch Godongwana stated that the government would spend over R1.4 trillion on education, sports, arts, and culture in the next three years.
According to the minister, the Department of Education’s budget for 2023-24 is expected to reach about R135,6 billion. It is expected to increase to R148 billion in 2024-25 and R153 billion in 2025.
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According to the minister, the NSFAS will receive about R50 billion during the 2023-24 financial year. This is the biggest spending area for the department.
According to Godongwana, the biggest spending point of the Department of Higher Education in 2023 and 2024 is expected to be the universities’ subsidies, which is expected to reach about R44.4 billion.
The minister also stated that the department’s spending on training and vocational schools and community education centers is expected to reach about R15 billion in 2023-24.
The department noted that the expenditure for training and post-school education is expected to increase at an average rate of 5% over the next few years.
This funding supports various training and educational institutions such as universities, colleges, and training authorities that deliver quality education and training.
The Department of Health and Education (DHET) has allocated R1.1 billion over the next three years for the establishment and maintenance of community education and training facilities.
The goal of this project is to support the establishment of training facilities that can provide quality education and teaching. It will help decrease the reliance on school infrastructure.
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According to the national treasury, the arts, culture, and sports sectors will receive R35.7 billion through the MTEF to support their activities. These include the establishment of sports programs in schools and the preservation of cultural diversity.
The Minister of Finance announced that there would be further increases in funding for various sectors, such as social development and Eskom, which is focused on addressing the country’s electricity crisis.
