Home Education Buhari approves N320.3bn intervention funds for public tertiary education institutions

Buhari approves N320.3bn intervention funds for public tertiary education institutions

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President, Muhammadu Buhari’s administration has approved the sum of N320,345,040, 835 as the 2023 intervention funds for public tertiary education institutions in the country.

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

According to Echono, the conference was a chance to get input and assess how well its intervention lines were carrying out the agency’s purpose.

The head of the TETFund said that for the 2023 intervention cycle, each university will receive N1,154,732,133.00, each polytechnic institute N699,344,867.00, and each college of education N800,862,602.

His words: “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.

“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, saying that between 2015 and 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.

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%.

Also speaking, the Permanent Secretary, of 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.

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