President Bola Ahmed Tinubu has approved the sum of N683,429,268 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, made this disclosure on Friday, January 12, at the Fund’s strategic planning meeting with heads of beneficiary institutions in Abuja, reports revealed.
According to him, “Based on this approval: each university shall get, for the Year 2024 intervention cycle, the total sum of N1,906,944,930.00. This comprises N1,656,944,930.00 as annual direct disbursement and N250 million as zonal intervention.
Similarly, each polytechnic shall get N1,165,355,235.00 comprising N1,015,355,235.00 as annual direct disbursement and N150 million as zonal intervention, while each College of Education shall get N1,398,426,282.00 comprising N1,248,426,282.00 as annual direct disbursement and N150 million as zonal intervention.
It is pertinent to note that this represents a very significant increase above our last year’s intervention and indeed every other year, since inception.
This remarkable success is due to sustained efforts at expanding and increasing the efficiency of collection of the Education Tax, and the gracious concurrence of Mr. President for an increase in the tax from 2.5 per cent to 3.0 per cent in the year 2023.”