The Federal Government has approved N320,345,040,835 as intervention funds for public tertiary institutions in Nigeria.Information Guide Nigeria
According to THE NATION, the government revealed that the intervention, approved by President Muhammadu Buhari, is for 2023.
Tis was disclosed by the Tertiary Education Trust Fund (TETFund) Executive Secretary Sonny Echono during the agency’s annual strategic planning workshop with all heads of beneficiary institutions yesterday in Abuja.
Sonny Echono said the 2023 intervention cycle would see each university receiving N1,154,732,133.00; each polytechnic getting N699,344,867.00, and each College of Education taking N800,862,602.
THE NATION reports that Echono said: “I am pleased to inform you that Mr. President has approved the 2023 disbursement guidelines in the total sum of N320,345,040, 835. On the basis of this, each university shall get, for the Year 2023 intervention cycle, the total sum of N1,154,732,133.00.JAMB Result
“This comprises N954,732,123.00 as annual direct disbursement and N200 million as zonal intervention.
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“Similarly, each polytechnic shall get N699,344,867.00, comprising N569,344,807.00 as annual direct disbursement and N130 million as zonal intervention, while each College of education shall get N800,862,602, comprising N670,862,602.00 as annual direct disbursement and N130 million as zonal intervention.
“It is pertinent to note that this represents the highest disbursement to each beneficiary institution since the inception of the fund.”
He revealed that from 2015 till date (eight years), the total sum of N1.702 trillion had been disbursed as education tax collection to public universities, polytechnics, and colleges of education, compared to the N1.249 trillion disbursed from the inception of the fund in 1993 till 2014 (21 years).JAMB Portal
“This remarkable success is due to sustained efforts at expanding and increasing the efficiency of collection of the education tax, and the added impetus is the gracious approval of Mr. President for an increase in education tax from 2.0 percent to 2.5 percent in 2021,” he added.NYSC Portal
Also, the Permanent Secretary in the Federal Ministry of Education, David Adejo, advised the beneficiary institutions to use the intervention judiciously adding that Nigeria no longer needs paper presentations but what could be done with the people’s brains and hands.
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