x

Buhari approves N320.3bn intervention fund for tertiary insitutions

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

The Executive Secretary of Tertiary Education Trust Fund, Sonny Echono, disclosed this in Abuja on Wednesday April 5, during the Fund’s annual strategic planning workshop with all heads of beneficiary institutions.

According to the TETFund boss, each university will receive the sum of N1,154,732,133.00 while each polytechnic and college of education will get N699,344,867.00 and N800,862,602 respectively.

“I am pleased to inform you that Mr. President has approved the 2023 disbursement guidelines in the total sum of N320,345,040, 835. Based on 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 N200 million 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.

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

Echono further said the fortunes of the Nigerian tertiary education sector have improved significantly under Buhari’s administration, adding that between 2015 to date, the total sum of N1.702 trillion has been disbursed as education tax collection to public universities, polytechnics, and colleges of education compared to a total sum of N1.249trillion disbursed from the inception of the Fund in 1993 up to 2014 (21 years).

“This remarkable success is due to sustained efforts at expanding and increasing the 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.

Also speaking, the Permanent Secretary, the Federal Ministry of Education, David Adejo, urged the beneficiary institutions to use the intervention judiciously, saying that the country is no longer looking for paper presentations but what one can do with his brain and hands

Hot this week

Ododo Storms Isanlu-Esa, Vows to Crush Criminality in Kogi

**By Noah Ocheni, Lokoja**Kogi State Governor, Alhaji Ahmed Usman...

UIO Urges FG to Enforce Safety Standards in Inland Waterways Transportation

By Noah Ocheni, LokojaThe Ukomu Igala Organisation (UIO) has...

Coalition Praises Tinubu’s Reforms, Hails Tunji-Ojo’s Role in National Transformation

By Israel Adamu, JosA coalition of civil rights organizations...

Nigeria @ 65: Wike Assures Abuja Residents of First Class Infrastructure

By Joyce Remi-BabayejuAs Nigeria marks 69 , the FCT...

PCRC Zone 4 Trains Members on Community Policing in Lafia

By Leo Zwanke, LafiaThe Police Community Relations Committee (PCRC),...

Ghana to Pull Women To 2025 African Women Conference in Nov

By Joyce Remi-BabayejuThe Republic of Ghana is set...

Dinfa: Only a Northern Christian President Can Protect Northern Christians

By Israel Adamu, JosThe National Coordinator of the Young...

The Role of the United States in the Iran–Israel Geopolitical Rivalry

By Diri Glory IdaerefaaThe Middle East has long been...

2027: ACF to Regulate Officials’ Communication with Media, Public

By Achadu Gabriel, KadunaThe Northern socio-cultural organization, Arewa Consultative...

IHR Commends President Tinubu for Hajj Fare Reduction, Seeks ₦1,000/$1 Concessionary Exchange Rate

By Jabiru HassanIndependent Hajj Reporters (IHR) has commended President...

IHR Commends Tinubu for Hajj Fare Reduction, Urges N1,000/$1 Concessionary Rate

By Jabiru HassanThe Independent Hajj Reporters (IHR) has commended...

Related Articles

Popular Categories

spot_imgspot_img