During Wednesday afternoon's Budget Speech, Finance Minister Enoch Godongwana disclosed the 2024 budget allocation for education in South Africa. A total of R480.6 billion has been earmarked for Learning and Culture, with allocations as follows:
- Basic Education: R303 billion
- National Student Financial Aid Scheme (NSFAS): R53.6 billion
- University transfers: R47.7 billion
- Skills development levy institutions: R28.6 billion
- Education administration: R19.4 billion
- Technical & vocational education and training: R13.6 billion
Additionally, Minister Godongwana revealed an increase in the budget for teachers' salaries:
I am pleased to announce an additional R25.7 billion allocated to the education sector in this budget to cover the medium-term wage increase costs.
The Minister emphasized the safeguarding of critical programs, such as the school nutrition initiative, which serves learners in nearly 20,000 schools.
Furthermore, R1.6 billion will be directed towards the early childhood development grant, totaling R2 billion over the medium term.
