How Much Government Will Spend On Education In 2024



Finance Minister, Enoch Godongwana, revealed during the 2024 Budget Speech how much is being spent on education. These details included Basic Education, Higher Education and NSFAS.



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.

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Dr Corrin Varady, CEO of IDEA, praised the Finance Minister's announcement that he would be allocating R303 billion towards basic education. However he tell us his concern is that mixed signals or confused priorities will either lead to misspent or underspent funds at provincial level.




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