On Wednesday afternoon, Finance Minister Enoch Godongwana, took to the podium to deliver the 2024 Budget Speech. During the speech, he gave details on how much will be spent on education.
A total of R480.6 billion will be spent on Learning and Culture in 2024 in South Africa. Here's how this will be allocated to various departments:
- 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
Godongwana also announced that there will be an increase in the budget of pay for teachers:
In this budget, I am able to announce that the education sector is allocated an additional R25.7 billion for the carry-through costs of the wage increase over the medium term.
The Minister said that they would "protect the budgets" of critical programmes, such as the school nutrition programme, which provides food to learners in near to 20 000 schools.
R1.6 billion will also be allocated towards the early childhood development grant, making it R2 billion over the medium term.
