Teachers received a pay rise of 5.5% in 2024/25.
In a statement, Givan said that the Northern Ireland Executive had taken “an important step towards ensuring teachers are treated fairly.
“While this is a positive step forward, the wider financial challenge for my department remains acute.
“I continue to work with officials and the Education Authority to reduce the projected deficit of £267m for this financial year, but critical pressures persist.”
There had been disagreement among executive ministers over the education budget, with Givan warning that his department would “unquestionably overspend” its budget.
There was a dispute between ministers at an executive meeting on Wednesday over money for teachers’ pay.
Givan had said he needed an extra £37m to offer teachers a pay award for 2025/26.
He claimed the allocation of money for a pay award was blocked by Sinn Féin from being placed on the executive agenda, but in response Sinn Féin said that Givan “needs to do his homework” and that the party believed teachers should be paid properly.