President Tinubu
Gom Mirian
President Bola Ahmed Tinubu has approved over N683 billion as the 2024 Intervention Funds for public tertiary education institutions in the country.
The Executive Secretary of Tertiary Education Trust Fund (TETFund), Sonny Echono, announced during the Fund’s Strategic planning meeting with heads of beneficiary institutions in Abuja on Friday.
Echono revealed that the approved funds would be allocated as follows: each University shall receive N1,906,944,930.00, each Polytechnic N1,165,355,235.00, and each College of Education N1,398,426,282.00. “This year’s intervention witnessed a boost as compared to last year where over N320 billion was disbursed,” he added.
He attributed the success to sustained efforts at expanding and increasing the efficiency of the collection of the Education Tax, as well as the gracious concurrence of President Tinubu for an increase in the tax from 2.5 per cent to 3.0 per cent in 2023.
He said: “I am pleased to inform you that Mr. President has approved the Year 2024 disbursement guidelines in the total sum of N683,429,268,402.64. From this total, 90.75 % is budgeted for direct disbursement and 8.94 % for some designated special projects. A stabilisation of 2.27 % is allowed to enable the Fund to respond to emerging issues.
“This includes the difference between actual collections and the projections made for November and December 2023 collections as requested and approved by Mr. President.”
Meanwhile, the acting Permanent Secretary of the Federal Ministry of Education, Zubairu Abdullahi, urged stakeholders to redouble their efforts to achieve its goals.
The approved funds aim to address the needs of public tertiary education institutions and support various projects and initiatives to enhance the quality of education in the country
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