Education

Buhari okays N320.3bn intervention fund for tertiary institutions

Buhari okays N320.3bn intervention fund for tertiary institutions

President Muhammadu Buhari has approved the disbursement of N320.3bn  as intervention funds for public tertiary institutions in the country.

Executive Secretary of the Tertiary Education Trust Fund (TETFund), Sonny Echono, said this at a workshop with heads of beneficiary institutions in Abuja on Wednesday.

Echono said the 2023 intervention cycle would see each university receive the sum of N1,154,732,133.00 while each polytechnic and college of education would get N699,344,867.00 and N800,862,602 respectively.

READ ALSO:

Soyinka knocks Datti, ‘Obidients’, recalls advising Tinubu, Atiku not to contest

Motorcyclists kill Police Inspector, injure DPO in Lagos

Woman kills friend who snatched her boyfriend 10 years ago

“I am pleased to inform you that Mr. President has approved the 2023 disbursement guidelines in the total sum of N320,345,040, 835 (three hundred and twenty billion, three hundred and forty-five million, forty thousand, eight hundred and thirty five naira only). On the basis of this, each university shall get, for the Year 2023 intervention cycle, the total sum of N1,154,732,133.00,” he said.

This comprises N954,732,123.00 as annual direct disbursement and N200million as zonal intervention. Similarly, each polytechnic shall get N699,344,867.00 comprising of N569,344,807.00 as annual direct disbursement and N130million as zonal intervention, while each college of education shall get N800,862,602 comprising of N670,862,602.00 as annual direct disbursement and N130million as zonal intervention.”

Echono said the figure “represents the highest disbursement to each beneficiary institution since the inception of TETFund”.

The TETFund executive secretary said allocation to the tertiary education sector increased significantly under Buhari.

He said between 2015 and now, a total of N1.702 trillion has been disbursed to public universities, polytechnics and colleges of education compared to N1.249 trillion disbursed from the inception of the fund in 1993 up to 2014.

“This remarkable success is due to sustained efforts at expanding and increasing efficiency of collection of the education tax and added impetus is the gracious approval of Mr. President for an increase in education tax from 2.0% to 2.5% in the year 2021,” he added.

Buhari okays N320.3bn intervention fund for tertiary institutions

Trends Admin

Recent Posts

Ohanaeze Ndigbo President-General raises alarm over threats to his life

Ohanaeze Ndigbo President-General raises alarm over threats to his life Emmanuel Iwuanyanwu, the President-General of…

11 hours ago

Cleric allegedly sets wife’s house ablaze following prayer disagreement in Ekiti

Cleric allegedly sets wife’s house ablaze following prayer disagreement in Ekiti An Ekiti-based Islamic cleric,…

11 hours ago

Your husband is not your partner, he is the head – Daddy Freeze tells Nigerian women

Your husband is not your partner, he is the head – Daddy Freeze tells Nigerian…

11 hours ago

Naira drops further to N1,421.06 per dollar

Naira drops further to N1,421.06 per dollar The declining fortunes of the Naira persisted yesterday with further depreciation…

11 hours ago

UCL: Real Madrid beat Bayern to book final ticket …to face Dortmund in London

UCL: Real Madrid beat Bayern to book final ticket ...to face Dortmund in London Real…

11 hours ago

Landlord arrested for impregnating tenant’s teenage daughter

Landlord arrested for impregnating tenant’s teenage daughter The Ogun State Police Command said it had arrested…

11 hours ago