President Muhammadu Buhari has approved the disbursement of N320.3 billion as intervention funds for public tertiary institutions in the country.
Sonny Echono, executive secretary of the Tertiary Education Trust Fund (TETFund), announced the approval at a workshop with heads of beneficiary institutions in Abuja on Wednesday.
Echono said the 2023 intervention cycle will see each university 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 (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.