Buhari approves N320bn intervention for public varsities

The Federal Government has approved N320,345,040, 835 as intervention funds for public tertiary institutions in the country.

The government said the intervention, approved by President Muhammadu Buhari, is for 2023. 

Executive Secretary of Tertiary Education Trust Fund (TETFund), Sonny Echono, disclosed this in Abuja on Wednesday during the agency’s annual strategic planning workshop with all heads of beneficiary institutions.

He said the meeting was an avenue to receive feedback and evaluate the performances of its intervention lines to enhance a more robust delivery of the agency’s mandate. 

The executive secretary of TETFund said the 2023 intervention cycle will see each university receiving N1,154,732,133.00; Polytechnic – N699,344,867.00, while each College of Education would get N800,862,602.

He 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. (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. 

“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 N130 Million 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. 

“It is pertinent to note that this represents the highest disbursement to each beneficiary institution since the inception of the Fund.”

The executive secretary said the fortunes of the tertiary education sector have improved significantly under the Buhari administration.

Echono also urged Buhari, as a parting gift to the education sector, to give his assent to Finance Bill 2023, which provides for a further increase in education tax from 2.5% to 3%.

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