Labour will today call for the annual €173 capitation grant for primary schools to be doubled from September.
A Private Members' Motion on the issue will be debated in the Dáil.
Labour leader Eamon Gilmore called for action to address a shortfall in funding facing many primary schools.
Labour leader Eamon Gilmore
"A combination of increases in the cost of equipment and services and the failure of the Government to sufficiently increase the capitation grant has plunged many schools into a financial crisis," he claimed.
"Schools are expected to meet virtually all needs other than salaries from the capitation grant of just €173 which they receive for each pupil."
The Irish Primary Principals' Network has estimated that the grant amount meets only about half of the running costs of a primary school.
Mr Gilmore said a primary school with 100 pupils would receive €17,300 even though the actual running costs of a school of this size would be around €35,000.
"Principals and teachers, who should be able to concentrate solely on the educational needs of their pupils, are forced into endless rounds of fundraising simply to keep the school afloat.
"Huge pressure is also being put on parents for 'voluntary' contributions," he said.
Labour has estimated the cost of doubling the capitation grant to be around €164.9 million or 1.8 per cent of the Department of Education's budget.