24th September, 2026 | News

Nigeria, Italy Lead $5bn Global Push to Expand Education Financing

Nigeria and Italy are leading a global campaign to mobilise $5 billion to strengthen education financing in developing countries, with Nigeria pushing for greater domestic and international investment in human capital.

The initiative was highlighted at the Multiply Possibility High-Level Event, “A New Era for Education Financing,” held in New York on the sidelines of the 81st United Nations General Assembly.

President Bola Tinubu, in a video message, said the Global Partnership for Education (GPE) vision aligns with Nigeria’s efforts to improve educational outcomes through greater access to learning and investment in teacher capacity.

Shettima: Education Is an Investment in Nigeria’s Future

Vice President Kashim Shettima, who represented President Tinubu at the global gathering, described education as an investment in Nigeria’s economic future, national productivity and the prosperity and stability of its citizens.

Shettima said the Tinubu administration had increased resources for education while pursuing reforms aimed at strengthening basic education financing, expanding foundational learning and improving access to tertiary and technical education.

He also highlighted the role of the Nigerian Education Loan Fund (NELFUND) in widening access to higher education and strengthening connections between education, skills, employment and enterprise.

Nigeria Backs $5bn GPE Financing Campaign

According to Shettima, Nigeria is supporting efforts to mobilise $5 billion for the Global Partnership for Education, with the funding expected to unlock additional resources for education programmes in partner countries.

He stressed that international financing should complement, rather than replace, domestic investment.

“Domestic resources must remain the anchor, complemented by development assistance, concessional finance, philanthropy and innovative financing.”

The Vice President also cited Nigeria’s partnership with the World Bank and GPE through HOPE-EDU, which he said is expected to reach approximately 29 million children and 500,000 teachers across the country.

FG Explores Additional Education Financing Sources

Shettima said President Tinubu had directed that funds recovered by the Economic and Financial Crimes Commission, once legally cleared and free from litigation, be channelled towards NELFUND.

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

The Vice President said the approach reflected the government’s position that education financing should draw on every responsible and lawful domestic funding source avai