President Muhammadu Buhari has approved the disbursement of N320.345 billion to Tertiary institutions in the country.
Executive Secretary of Tertiary Education Trust Fund (TETFund), Mr. Sonny Echono, stated this in Abuja on Wednesday, while presenting allocation letters to beneficiary institutions.
He said in the 2023 intervention cycle each University was allocated N1.15billion while Polytechnics received N699million, and colleges of Education got N800 million each.
“I am pleased to inform you that Mr. President has approved the 2023 disbursement guidelines in the total sum of N320,345,040, 835. 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 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”, he said.
Echono further said the fortunes of the Nigerian tertiary education sector has improved significantly under the Buhari’s administraction, pointing out that between 2015 to date (8 years), the total sum of N1.702 trillion has been disbursed as education tax collection to public universities, polytechnics and colleges of education compared to N1.249trillion disbursed from the inception of the Fund in 1993 up to 2014 (21 years).
He urged President Buhari, as a parting gift to the education sector, to give his assent to the Finance Bill 2023, which provides for a further increase in education tax from 2.5% to 3%.
Also, the Permanent Secretary, Federal Ministry of Education, David Adejo urged the beneficiary institutions to use the intervention judiciously.